The Bank of England cut rates at the beginning of August, following the election of the new Labour Government. This was an impediment to the GBP initially, but as other Central Banks cut rates, the cross rate has settled around 0.4685. The Bank of England and the RBNZ are in ‘sync’, in the interest rate cycle, so expect fairly stable cross rates. The provison is inflation and any re-emergence in inflation, may cause a pause in rate cuts.
Current Level: 0.4685
Resistance: 0.4750
Support: 0.4650
Last Weeks Range: 0.4665- 0.4700