The British Pound (GBP) rallied back Monday to 2.0560 (0.4865) against the New Zealand Dollar (NZD) after trading around the 2.0400 (0.4900) areas late in the week. Clearing the 50-day moving average at 2.0510 (0.4875) we see further upside to come for the GBP. Tomorrow’s RBNZ meeting should reflect a “hold” on interest rates at 5.50% which could bring about further selling in the kiwi. We have nothing on the UK calendar this week.
Current Level: 0.4863
Resistance: 0.4900
Support: 0.4840
Last Weeks Range: 0.4859- 0.4908