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The GBP/NZD pair is in a steady downtrend, which despite having reached support from the major down-sloping trendline, will probably continue sliding lower – and definitely shows no signs of recovery yet.
The Pound looks poised to rise against the New Zealand Dollar in the week ahead after reaching a significant layer of chart support from which to launch a new phase of rallying higher.
The New Zealand Dollar (Kiwi) gained support on Friday after a gauge of Manufacturing Sector, similar to the Purchasing Manager Indices (PMI’s), revealed more growth than expected.
The Pound to New Zealand Dollar has extended its previous decline through several major support layers but it is approaching another in the shape of a major multi-year trendline which is expected to halt declines, at least temporarily.
The Pound to New Zealand Dollar (Kiwi) stalled in its new downtrend midweek after Moody’s downgrade of China dimmed the outlook for New Zealand’s largest export destination.
The New Zealand Dollar has made marginal gains versus the Pound since last week, mostly due to a rise in the price of Dairy Products which constitute New Zealand’s primary export.
The Pound to New Zealand's advance has been checked in recent weeks - is this the end of the line for sterling bulls, or the beginning of a new phase of upside?
The New Zealand Dollar (Kiwi) Weakened on Thursday after the Reserve Bank of New Zealand (RBNZ) disappointed investors who had been expecting a rate hike by saying they were not gearing up to raise interest rates any earlier.
The RBNZ (Reserve Bank of New Zealand) is expected to drop its call to keep the interest rates at a record low 1.75% until late 2019, according to Credit Agricole (CA).
GBP/NZD has risen strongly after a mixture of easing Brexit concerns and the weakening commodity prices weighed on the outlook for the New Zealand Dollar (Kiwi).
The New Zealand Dollar (Kiwi) has weakened sharply versus the Pound this week, but without an obvious catalyst for the decline we ask what could be behind the weakness.