In a light week of economic data, the English Pound (GBP) for the second week running dropped back slightly against the New Zealand Dollar (NZD) opening the week around 0.4725 (2.1160). This week’s only data is the monetary policy hearing minutes Thursday. Global risk sentiment should dictate the week’s moves, we suspect the Pound may recover recent losses especially if markets remain “risk off”. Buying GBP currently north of 0.4700 (2.1276) looks decent given prices 2 weeks ago were well below this level.
Current Level: 2.1285
Resistance: 2.1600
Support: 2.0700
Last Weeks Range: 2.1127 – 2.1388