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British Pound/New Zealand Dollar (GBP/NZD) Exchange Rate
GBP/NZD Pivot Points
GBP/NZD Advanced Live Chart
GBP/NZD Advanced Live Chart
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During the day on Wednesday, we went back and forth during the course of the session on Wednesday, as the market should continue to see quite a bit of bearish pressure on the British pound in general.
The GBP/NZD pair fell during the bulk of the session on Tuesday, but as you can see found plenty of support at the 2.00000 handle. With that being the case, the market looks as if the buyers are stepping in and that the “2” level is in fact one that the buyers are willing to support.
The Kiwi is at its strongest level ever against the British Pound. This comes as a result of a relatively constant and steady increase in value in the Kiwi Currency combined with a faltering Pound...and now takes us into completely uncharted territory just like Captain Kirk & Jean-Luc Picard.
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From what I can tell, the GBP/NZD is trading at a lower price than ever before. The previous all time low was at 1.85439 and was set in August 2011.
The GBP/NZD was trapped in a descending wedge since mid 2012, and an even tighter range for November 2012. We saw the pair break out to the downside on December 06, 2012 when it fell to test the long term trend-line at 1.9065 before returning to the same level that had trapped it for so long.
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The Kiwi is performing quite well compared to the weakness of the Sterling in the past week. As a result the GBP/NZD has broken out of a triangle formation that has held the pair in check since August with continually higher lows and especially, lower highs.
The GBP/NZD pair attempted to break through the 1.95 level on the Friday, but was repelled by the sellers in order to form a shooting star.
GBP/NZD fell slightly during the session on Thursday, as it ran into resistance around the 1.93 level. The area was support recently, and as such it looks like it should continue to be resistance as typical technical analysis dictates.
The GBP/NZD pair has been flirting with a serious demand level for some time now. On Friday, we saw the pair finally break through the area, as the 1.95 handle gave way.
The GBP/NZD pair is one that I love to trade. This is mainly because I love to trade the Kiwi dollar in general. However, it isn't one I write about often as many traders are nervous about trading this pair.
GBP/NZD is a currency pair that many traders overlook, which is too bad as both currencies are majors. The spreads on this particular pair aren't bad - typically around seven pips and the moves can be very deliberate and straightforward.