The British Pound (GBP) recovered mid-week losses as we suggested towards the weekly close reaching 2.0900 (0.4785) against the New Zealand Dollar (NZD). Monday’s action has seen price back at 2.0650 (0.4840). This week’s Bank of England (BoE) policy meeting should be dovish with expectations that growth forecasts could be downgraded. This in response to speculation the economy could drop into recession. A 25-point hike should be enough in order to bring inflation under control. NZ unemployment figures Wednesday should reflect a rise to the unemployed as the country grapples with economic uncertainty.
Current Level: 0.4840 (2.0661)
Resistance: 0.4875 (2.0875)
Support: 0.4790 (2.0515)
Last Weeks Range: 0.4780-0.4853 (2.0602-2.0918)