NZD/GBP: Stuck in a sideways range of 0.5600- 0.5750 - Westpac

NZD/GBP remains stuck in a sideways range of 0.5600- 0.5750, although it looks more likely to break downwards than upwards at this juncture, feels Imre Speizer, Research Analyst at Westpac.

Key Quotes

“The data calendar this week includes housing, business and consumer confidence surveys (PMI on 1 Sep).”

“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.”