UK Data hasn’t been that rosy of late with the latest Retail Sales figures dropping -1.6% in August much worse than the -0.50% expected. The British Pound (GBP) struggling against the New Zealand Dollar (NZD) closing the week around 0.5265 (1.9000) levels. This week the Pound has kicked back with the risk correlated kiwi again on the back foot as equity markets slumped. The GBP recovered losses to (0.5210) 1.9190 into Tuesday trading. Thursday’s Bank of England policy announcement and rate release is highlighted on the calendar with the central bank expected to raise rates from 1.75% to 2.25% in a 9-0 vote by members. The GBP may lose ground on the release if the BoE is overly hawkish.
Current Level: 0.5212 (1.9186)
Resistance: 0.5325 (1.9300)
Support: 0.5180 (1.8780)
Last Weeks Range: 0.5180-0.5276 (1.8952-1.9302)