Currency analysts at Admiral Markets have released their latest forecasts for the British pound against the Swiss Franc, New Zealand and Australian dollars.
Rates for Reference (@ the weekend):
Pound to Swiss Franc Exchange Rate (GBPCHF): 1.5251.
Pound to New Zealand Dollar Exchange Rate (GBPNZD): 2.0184.
Pound Aus Dollar Exchange (GBPAUD): 1.8714.
Be Aware: The above quotes are taken from the wholesale market and your bank will affix a spread at their discretion. However, an independent FX provider will guarantee to undercut your bankโs offer, thereby delivering up to 5% more currency.
Pound vs New Zealand Dollar Forecast (GBP/NZD)
Commenting on the outlook for the sterling to kiwi dollar Anil Panchal, Market Analyst at Admiral Markets says:
"GBPNZD is forming a bearish flag pattern on H4 chart and is currently restrained by the horizontal resistance level of 2.0160, breaking which 2.0230 and the upper line of flag, near 2.0320, can become consequent resistances for the pair.
"Should the pair rally above 2.0230, it is likely to extend its up-move towards 2.0600. On the downside, psychological support level of 2.0000 can become immediate rest for the pair, breaking which the support line of flag, near 1.9930, can limit the pairโs downturn.
"Should it break the 1.9930 on a closing basis, it confirms the bearish flag breakdown and can plunge to sub 1.9350 in a quick manner with 1.9600 being intermediate support for the pair."
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Sterling to Swiss Franc Forecast (GBP/CHF)
Turning to the GBPCHF Panchal says:
"50-day SMA and the 23.6% Fibonacci Retracement level of its March โ October up-move seems currently restricting the GBPCHF up-move, breaking which the pair is more likely to rally towards 1.5400 resistance levels. On the break of 1.5400 on a closing basis, the pair can target 1.5530 on the upside; however, 1.5460 can become intermediate resistance for the pair.
"Should the pair fail to break 1.5280 โ 1.5290 resistance zone, it may reverse back to 1.5200 and the 38.2% Fibo. level of 1.5130. Further, a break of 1.5130 can make the pair vulnerable to plunge towards sub-1.5000 in a quick manner."
Pound to Aus Dollar Forecast (GBP/AUD)
Looking at sterling's prospects against the Aussie, Panchal says:
"Descending trend-line resistance on Daily chart, coupled with the 76.4% Fibonacci Retracement of October 2013 โ January 2014 up-move, seems capping the GBPAUD at present. Should it close above the 0.8610 resistance level, chances are higher that the pair can extend its up-move towards March high of 1.8830, breaking which 1.9000 level can restrict the pairโs up-move towards yearly high of 1.9200.
"On the downside, 1.8400 is likely immediate support for the pair, breaking which the 50-day EMA, near 1.8250, and the 61.8% Fibo. level, near 1.8200, can become consecutive supports. On the sustained break of 1.8200, the pair becomes vulnerable to extend its downturn to sub-1.8000 levels."
