FX News

NZD/GBP Transfer

UK Manufacturing tonight should show modest improvements to orders, the only data on the roster this week in the New Zealand Dollar (NZD), British Pound (GBP) cross and may improve the GBP of the current 0.4795 (2.0860) level if the data impresses. The kiwi is trading at a 6-week high at the moment after breaking past resistance at 0.4790 (2.0870). Earlier UK Retail Sales was unimpressive with rises to auto fuel and non-food store sales, the data adding to the GBP weakness. Our pick is for the NZD to continue to the downside after the recent run up.

Current Level: 0.4794
Resistance: 0.4820
Support: 0.4720
Last Weeks Range: 0.4716- 0.4782

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