GBPNZD Chart Technical Outlook is down, but not out – the 2.0494 line proved strong – it was a swing low a couple of weeks ago, and also where the 4h-200 SMA hit the price. The following lines to watch are 2.0554, and the bigger target is 2.0701. Support below 2.0494 is at 2.0348.
Fundamentally, bets are growing on a more aggressive policy by the Bank of England, given the high UK inflation. In New Zealand, rates are already high and inflation is weaker. In addition, Chinese data remains mediocre at best, which has some influence on the Kiwi.
All in all, I see GBP/NZD bouncing today.
