The GBP has suffered at the hands of the US Dollar, as has the KIWI. The improving economic situation in the UK, has driven recent support for the GBP, but the resurgent US Dollar has put paid to the recovery. The upcoming UK Budget may have a huge directional impact on the long-term direction of the currency, as rumours harden regarding tax increases and ‘budget’ deficit increases. Expect the NZD cross rate to trade around current levels.
Current Level: 2.1580
Resistance: 2.2200
Support: 2.1600
Last Weeks Range: 2.1600- 2.1730