During yesterday’s trading session GBP/NZD traded within the range of 1.9728-1.9840 and closed at 1.9835.
At 6:37 GMT today GBP/NZD was losing 0.2% for the day to trade at 1.9773. The pair touched a daily low at 1.9760 at 5:55 GMT, breaching the first key support.
Fundamental view
Activity in United Kingdom’s sector of construction probably accelerated in May, with the corresponding PMI coming in at 61.0. In April the index stood at 60.8. Readings above the key level of 50.0 are indicative of expansion in the sector. Higher than projected values would be supportive for the sterling. The Chartered Institute of Purchasing and Supply (CIPS) is to announce the results from its monthly survey at 8:30 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case GBP/NZD manages to breach the first resistance level at 1.9874, it will probably continue up to test 1.9913. In case the second key resistance is broken, the pair will probably attempt to advance to 1.9986.
If GBP/NZD manages to breach the first key support at 1.9762, it will probably continue to slide and test 1.9691. With this second key support broken, the movement to the downside will probably continue to 1.9650.
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