GBP/NZD chart on Trading View used for analysis
- GBP/NZD is trading at 1.9430 at 0950 GMT, down 0.25% at the time of writing.
- Data released earlier today showed UK manufacturing PMI matched estimates at 52.0.
- BoE’s Consumer Credit expanded to £1.095 billion in Jan and M4 Money Supply expanded at a monthly 0.2% during the same period.
- Further UK Mortgage Approvals increased to 66.77K during the first month of the year, surpassing prior surveys.
- The pair has paused upside short of 61.8% Fib and we see scope for further weakness below 5-DMA.
- Technical studies do not support major weakness in the pair. Momentum still with the bulls.
- Price has broken above 200-DMA and we see some consolidation before the next leg higher.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
