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3 Apr 2013
Forex: GBP/NZD hits fresh 20-year lows sub-1.8000
FXstreet.com (Barcelona) - Combined Kiwi strength, as second strongest currency among majors for last 2 trading days only behind Yen, and Pound weakness, the weakest in same period, has brought the cross GBP/NZD to yet another record 20 year low at recent 1.7918, 30 pips below those previous lows back in late February.
The cross has dipped from yesterday's 5-day highs at 1.8233 on the back of disappointing UK manufacturing PMI, coming out below the key 50 level for second consecutive month, although slightly above previous one. GBP/NZD has fallen -1.58% from mentioned highs, in its single worst day since Feb 13.
Immediate support tot the downside for GBP/NZD lies at recent record low 1.7918, with unchartered territoy underneath since early 1990s, while to the upside, closest resistance shows at March 12 lows 1.7983, followed by March 28 lows at 1.8030, and March 21 lows at 1.8145.
The cross has dipped from yesterday's 5-day highs at 1.8233 on the back of disappointing UK manufacturing PMI, coming out below the key 50 level for second consecutive month, although slightly above previous one. GBP/NZD has fallen -1.58% from mentioned highs, in its single worst day since Feb 13.
Immediate support tot the downside for GBP/NZD lies at recent record low 1.7918, with unchartered territoy underneath since early 1990s, while to the upside, closest resistance shows at March 12 lows 1.7983, followed by March 28 lows at 1.8030, and March 21 lows at 1.8145.