The New Zealand Dollar (NZD) made gains mid last week off 0.4635 (2.1580) against the British Pound (GBP) closing at 0.4680 (2.1380). Early week moves have seen the kiwi give back gains to 0.4660 (2.1470) as we head into CPI prints for both currencies. UK inflation should dip to 1.9% from 2.2% y/y creeping just inside the Bank of England’s target. At the moment the BoE are expected to cut rates on the 7th of Nov by a further 0.25% to 4.75% however the central bank remains cautious over cutting too quick. The bear trend in the cross remains.
Current Level: 2.1473
Resistance: 2.1600
Support: 2.1170
Last Weeks Range: 2.1245- 2.1590