NZD/GBP: Implied technical target is 0.5450 - Westpac

NZD/GBP finally broke free of its sideways range, in a downward direction and he implied technical target is 0.5450, according to Imre Speizer, Research Analyst at Westpac.

Key Quotes

“UK economic data has been better than expected over the past few months, although the risk of a slump in confidence does remain over the medium term. The data calendar this week includes consumer confidence, PMI, business and housing surveys, before trade and production data (8th).”

“3 months ahead: Medium term direction depends largely on whether the uncertainty from Brexit eventually causes a slowdown in activity. If so, NZD/GBP is likely to trade in the high 0.50s by year end. Alternatively, should the economy shrug off Brexit, then NZD/GBP could test the low 0.50s.”