GBPNZD Analysis:
GBPNZD is falling from the higher high area of the ascending channel and has started to move within a minor descending channel.
GBPNZD Update
GBPNZD is consolidating at the lower high area of the minor descending channel which leads to -750 points. However, GBPNZD still has a chance to fall from these highs.
Reason: Due to the release of fundamental economic news mentioned below, the market is not making technical movements at this time.
Why GBP is Stronger
Fiscal Reforms: Chancellor Rachel Reeves has announced significant welfare cuts and public spending reductions to address a £15 billion fiscal shortfall, aiming to stabilize public finances.
Monetary Policy: The Bank of England has maintained higher interest rates compared to other central banks, attracting investors seeking better returns.
Economic Growth Forecasts: The UK government has revised its 2025 economic growth forecast down to 1%, citing global uncertainties, and is implementing measures to stimulate growth.
Global Trade Tensions: Uncertainties arising from U.S. trade policies, including the imposition of tariffs, have adversely affected global market sentiment, pressuring the NZD due to New Zealand’s exposure to international trade.
These developments have collectively influenced the recent movements of the GBP and NZD
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