Forex: GBP/NZD hits fresh multi-year lows circa 1.8350

With Kiwi at current 0.8454, off fresh weekly highs at 0.8466, just 30 pips shy of fresh 11-month highs, in the highs area since early 1980s, and with Cable last at 1.5540, off fresh 6-month lows at 1.5522, cross GBP/NZD printed fresh multi-year lows at 1.8344, breaking below previous Feb 05 lows at 1.8481 on both Pound weakness and Kiwi strength.

Following a series of bad data for the UK, today with BoE inflation report and yesterday's UK CPI figures, Cable has tumbled below the 1.5550 mark, down already almost -4% since 2013 started, taking down with it the NZD cross, printing fresh lows below previous multi-year lows at 1.8542 from Aug 2011.

Pound is weakest currency among majors in last 3 trading days, even weaker than Yen, while Kiwi is strongest one, stronger than Euro or Aussie. Recent NZ business manufacturing index just released, showed best data in last 8 months at 55.2.

Immediate support for GBP/NZD lies at recent session and multi-year lows 1.8350/44 with no reference in charts below it since year 2005, while to the upside, closest resistance comes at overnite London session/Feb 01 lows 1.8464, followed by yesterday's and year 2011 lows at 1.8546, and Feb 05 highs at 1.8728.