The British Pound (GBP) continued to rally at the start of the week, hitting 1.9230 (.5200) and looking very stubborn in the 1.9420 (.5150) – 1.9230 (.5200) area. With the impending energy crisis in Europe looming, this could change, as the cooler months arrive. Underlying theme remains Global inflation and interest rate measures by Central Banks, with US Inflation data due out later in the week a key short term indicator. Any buying of GBP v NZD around .5200 should please.
Current Level: 0.5201
Resistance: 0.5250
Support: 0.5120
Last Weeks Range: 0.5139-0.5206