Trading GBP/NZD

Providing a range of opportunities, the GBP/NZD is a popular currency pair for its high volatility and profit potential. It also offers traders a good alternative from the major pairs like EUR, GBP, AUD and NZD against the USD.

This article will discuss the history and outlook of the GBP/NZD’s relative economies, show live price charts and currency graphs and provide a commentary of important indicators and economic ideas that can help form predictions of the GBP/NZD exchange rate.

GBP/NZD Trading Brokers

  1. XTB

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    XTB provides access to 70+ currency pairs with low spreads averaging around 1 pip on majors. The xStation platform offers an intuitive environment for forex traders with an excellent charting package encompassing 30+ indicators, plus a range of order types, catering to various strategies and risk management techniques.

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    Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.

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    FXCC's key selling point is its forex trading conditions. ECN spreads come in as low as 0.0 pips during peak trading hours, while it supports a wider range of currency pairs than the majority of rivals with over 70 forex assets. Additionally, you have access to MT4, which was built specifically for forex trading and excels for its charting tools.

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    Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.

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    IBKR presents an extensive range of over 100 major, minor, and exotic forex pairs, surpassing the offerings of nearly all leading alternatives, though not CMC Markets. Forex trading occurs over multiple platforms and boasts institutional-grade spreads starting from 0.1 pips and 20 complex order types, including brackets, scale, and one-cancels-all (OCA) orders.

  6. XM

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    XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.

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    OANDA offers 68 currency pairs, which is above the industry average. You can speculate on majors, minors and exotics, with spreads from 0.8 pips on popular pairs. There are no commissions and leverage is available up to 1:200. Average execution speeds are fast based on tests, at 12 milliseconds.

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    IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.

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    FxPro offers 70+ currency pairs with ultra-fast execution speeds and tight spreads from 0.46 pips on EUR/USD. The range of forex assets outranks many rivals, including our award winner, AvaTrade. Various short-term forex strategies are permitted, including EA trading and hedging.

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    Plus500 provides forex trading through CFDs, featuring narrow spreads across an impressive selection of over 60 currency pairs. During testing, spreads came in as tight as 0.6 pips on the EUR/USD, which is notably lower than many alternatives.

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    Markets.com offers 43 major, minor and exotic currency pairs. The range is around the industry average, though spreads are fairly competitive, starting from 0.6 pips for EUR/USD. There’s also an excellent range of tools and education, including forex calculators and trading videos.

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    NinjaTraders supports the trading of popular currencies including the EUR/USD. The software also offers advanced features to streamline the trading experience, including complex order types like market if touched (MIT) and one cancels other (OCO).

  13. Axi

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    Axi continues to offer a strong selection of 70+ currency pairs - more than many top brokers including award-winner AvaTrade, with only 50+. There are no restrictions on trading strategies including algo trading and scalping, which will serve both short-term and long-term traders.

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    Trade 35 major, minor and exotic forex pairs through CFDs with floating spreads from 0.1 pips. Alternatively, binary options allow you to speculate on rising and falling prices with a fixed stake and payout.

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    Focus Option offers 22 forex pairs tradeable via binary options, including a selection of majors and minors. FX pairs are also available to trade with margin on Focus Option's mobile app, which offers high leverage up to 1:50 and spreads from 1 pip.

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    Global Prime traders can access 48 forex pairs including majors, minors and exotics with tight spreads from 0.9 with no commission or from 0 with a $7 round turn. Forex is traded via the leading MT4 platform, micro lots are available and latency is low via a New York-based server.

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    Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.

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    IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.

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    AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.

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    FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.

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    PrimeXBT offers 50 forex pairs, which is above the industry average and covers a good range of majors, minors and exotics. Traders can enjoy trading via margin with zero commissions. Additionally, the broker’s copy trading service allows you to explore various currency trading strategies.

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    An above-average selection of 55 currencies are available with reasonable spreads averaging 0.9 pips on EUR/USD during peak hours. Aspiring traders can continuously hone their forex strategies by switching between demo mode and their live account any time, with full access to the broker's 100+ technical indicators.

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    DNA Markets continues to deliver an excellent environment for forex traders with 40+ currency pairs and low spreads from 0.0 pips on the EUR/USD during tests. The MetaTrader 4 platform, available on desktop, web and mobile, was also designed specifically for forex trading.

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    OspreyFX offers more than 50 major, minor and exotic currency pairs. Spreads start from just 0.1 pips on the EUR/USD and the broker provides a suite of forex trading education for beginners, including partnering with Forex Squad.

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    CloseOption offers binaries on 25+ forex pairs, including majors like EUR/USD and a few minors like AUD/JPY. Payouts vary by currency, with decent typical payouts of 75% for GBP/USD.

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    Trade 70+ major, minor and exotic forex pair CFDs with up to 1:1000 leverage, no commission fees and competitive spreads from 0.8 pips. FX trades can also be executed via the reliable and fast MetaTrader 5 software.

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    Errante traders can access 50+ forex pairs with leverage up to 1:500 (location dependant). The broker offers fast execution and tight spreads, especially to clients with VIP and Tailor-Made accounts.

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    Kwakol Markets offers a wider range of forex pairs than most competitors, with 90+ assets available. Users get fast execution speeds and competitive spreads through the ECN model. On the negative side, not all currency pairs are available on MT4.

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    Trade 70 major, minor and exotic forex pairs with ultra-low ECN spreads and fast execution via the MT4 or MT5 platforms. There are also zero SL/TP limits and automated forex trading is well catered for.

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    Ingot Brokers offers forex trading on a modest suite of 30+ currency pairs with raw spreads on the MT5 platform. There are also no restrictions on short-term trading strategies, including hedging, scalping and the use of Expert Advisors (EAs).

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    Trade a small selection of 25 major and minor pairs. Spreads from zero on the pro account, micro-lot trading, and very high leverage make up for the limited range of currencies. The MetaTrader software is also a well-regarded platform for forex trading.

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    Axofa offers a decent range of 50+ forex pairs with raw spreads from 0.0 pips. Very high leverage up to 1:1000 and commission-free forex trading is available. With that said, the broker is not particularly transparent when it comes to account conditions and fees.

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    Go long or short on over 50 currency pairs with spreads from 0.6 pips on EUR/USD. Traders can access market-leading forex tools in the MT4 platform, including customisable forex charts and algorithmic trading.

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    World Forex offers CFD and digital contract trading on 53 forex pairs, including EUR/USD and GBP/EUR. High leverage is available for CFDs, which can be accessed with competitive spreads on certain account types.

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    FinPros offers 80+ forex pairs, which is one of the more diverse offerings available. Traders benefit from ultra-low latency, MT5 support and very tight spreads and low commissions on the RAW+ account.

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    Trade 45+ major, minor and exotic pairs with deep liquidity and low latency. The ultra-tight spreads from 0.01 pips on raw accounts, competitive $7 or lower round-turn commissions and high leverage up to 1:500 will suit scalpers, who can trade without limits.

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    IQCent traders can access CFDs or binary options on 45+ forex pairs. CFD spreads start from 0.3 pips and binary options payouts are decent up to 95%. This is competitive compared to Pocket Option, for example, offering forex payouts up to only 81%.

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    Trade 50+ forex pairs including popular majors and minors with very high leverage available up to 1:1000. Gold, silver, palladium and platinum pairs with USD are also available.

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    Trade 25+ major and minor currency pairs with access to over 30 technical indicators in the broker's proprietary terminal. You can also follow and replicate other forex trades using the integrated copy trader.

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    Scope Markets offers 40+ major, minor and exotic currency pairs. Although the range is average, experienced traders can access very high leverage up to 1:2000. Additionally, the broker’s proprietary terminal delivers advanced analysis tools, including a live forex heatmap.

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    Trade 50+ forex pairs, including popular major, minor and exotic pairs. This is a decent selection, but traders will have a choice between the attractive MT4, MT5 or IRESS platforms and regulatory cover from ASIC. The VPS will also suit automated forex trading strategis.

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    Trade 49 major, minor and exotic currency pairs with fixed spreads or ECN pricing with no dealing desk intervention and a low starting deposit. You can analyze the currency markets using the broker's in-house trading platform.

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    Anzo Capital offers 45+ forex pairs including majors, minors and exotics with fast execution and spreads starting from zero. High leverage up to 1:1000 is available with a margin call at 80% and a stop out level at 50%.

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    Rock Global clients can access 50+ currency pairs via CFDs with leverage up to 1:500, world class liquidity and fast execution on the MT4 or TWS platforms. The tight spreads from 0.9 with no commission are a particularly attractive feature.

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    VT Markets offers an average selection of 40+ forex pairs with up to 1:500 leverage. Forex spreads in the ECN account are highly competitive, starting from 0.0 pips, although the 1.2-pip minimum quotes in the Standard account are a little higher than the likes of Pepperstone or IC Markets.

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    Binary and OTC options can be purchased on 40+ currency pairs, with 55+ currency pairs available if you deposit $1000. Typical payouts are reasonable at 81% and the $1 minimum trade makes the broker accessible to new forex traders. There is also access to the MT4 and MT5 platforms for experienced forex traders.

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    Exinity offers 150+ forex pairs to trade on a very competitive ECN pricing model, with spreads from zero and low commissions of $4 per round turn. Traders can access the powerful MT4 and MT5 platforms and trade with no restrictions on popular trading strategies.

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    ForexChief supports spot foreign exchange trading on all account types for 40+ major, minor and exotic currency pairs. Trading takes place on the leading MT4 and MT5 platforms, which offer dozens of in-built technical tools for short-term forex strategies.

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    PU Prime clients can trade 40+ forex pairs via the MT4 and MT5 platforms with dynamic leverage up to 1:500. Spreads start from near zero on Prime accounts, which also charge a $7 commission per lot, and a zero-commission Standard account with wider spreads is also available.

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    With 100+ currency pairs including all majors plus many minors and exotics tradeable on the MT4 platform with 1:2000 leverage, SuperForex lives up to its name as a great choice for forex traders. The ForexCopy system is also useful for newer traders.

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    AdroFx's strongest offering is its 60+ currency pairs, which can be traded with very high leverage up to 1:500. The broker also offers competitive forex spreads starting from 0.4 pips and charges no commission. Additionally, traders have access to MetaTrader 4, which was built for forex trading and offers excellent support for technical analysis and algo trading.

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    Start trading on dozens of currencies at RoboMarkets with powerful analysis tools and pattern recognition technology. 35+ currency pairs are available with tight spreads from 0 pips and rapid market execution. You can also utilise the broker's forex news alerts and economic calendar.

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    Trade 7 major, 21 minor and 29 exotic forex pairs with high leverage and a choice between STP or ECN accounts. Support is available around the clock and the TradeLocker forex software is provided.

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    Core Spreads offers trading on 34 forex pairs through spread betting and 40 currencies through CFDs, with both vehicles covering major and minor pairs. Spread betting spreads start from 0.6 for EUR/GBP; CFD spreads are variable and start from 1.2 pips on EUR/GBP.

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    M4Markets offers 45+ currencies with zero pip spreads. The low latency and 30-millisecond execution speeds makes the broker a decent choice for forex traders. Additionally, there are no restrictions on trading strategies, including scalping.

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    MultiBank FX offers trading on 50+ major, minor and exotic currency pairs. Spreads are tighter than many competitors and the broker offers higher leverage than most alternatives. Automated trading strategies are also permitted.

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    I’m happy with Tradeview’s strong range of 60+ currency pairs spanning majors, minors and exotics with competitive spreads from 0 pips in the $1000 ILC account. Traders can choose from several platforms, but I was particularly impressed with the feature-rich Currenex platform which is designed specifically for currency trading.

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    Trade Nation offers over 30 of the most popular forex pairs with variable spreads. Traders can access a slick proprietary platform or MetaTrader 4, with real-time forex market updates and insights via 'Smart News'.

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    As well as a competitive selection of 55+ forex pairs, traders can access high leverage up to 1:300. You can also enjoy advanced analysis from Trading Central with easy integration into MetaTrader 4.

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    Traders can access a decent range of 60+ major, minor and exotic forex pairs through standard and ECN accounts with tight spreads from 0.5 and 0.0, respectively. Execution speeds are also faster than most competitors at 50ms, which will appeal to active forex traders.

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    4xCube offers 60+ currency pairs with competitive trading conditions. We like that all trading strategies are permitted including scalping and hedging.

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    ActivTrades is a great broker for active forex traders with industry-low spreads from 0.5 pips and zero commissions. The forex broker also offers impressive execution quality and speeds, alongside award-winning customer service.

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    BlackBull offers 64 forex pairs with very competitive pricing through its ECN accounts, with the standard commission-free spread starting from 0.8 and spreads with commission starting from zero. The broker supports diverse trading platforms including MT4 and MT5, and provides leverage up to 1:500.

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    RoboForex offers trading on 30+ currency pairs, trailing category leaders like Pepperstone with its 90+ forex assets. That said, the Prime and ECN accounts feature competitive average spreads of 0.1 pips on the EUR/USD. Additionally, with a minimum investment of $100, traders can utilize the CopyFX system to replicate the strategies of seasoned currency traders.

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    Swissquote offers trading on a huge range of forex assets, covering 80+ currency pairs. Spreads start from 1.3 pips with the Premium account and there are zero commissions. Micro, mini and standard lot sizes are available plus options contracts on major currencies.

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    SimpleFX provides a comprehensive selection of around 60 currency pairs, from majors like GBP/USD to exotics like CHF/PLN. Forex trading fees are competitive, averaging 0.9 pips on EUR/USD during testing, while MetaTrader 4, available on desktop, web and mobile, was built specifically for trading currencies online.

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    You can go long or short on over 50 forex pairs from majors to exotics, with competitive spreads as low as 0.1 pips. The broker offers the leading charting software, MetaTrader 4, which delivers a host of advanced features, including 9 timeframes and over 30 indicators.

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    FXDD continues to offer a leading selection of 90+ currency pairs with ECN pricing. Spreads are decent, coming in at 0.4 pips for EUR/USD during testing. That said, these quotes aren’t as narrow as top competitors like Pepperstone.

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    Trade on 45+ majors, minors, crosses and exotics, with competitive pricing, ultra-fast execution and no requotes. Newer traders can access zero-commission trading. Experienced forex traders can operate with no trading restrictions and benefit from an ECN account and a VPS service.

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    FXTrading clients can access 70+ forex pairs with high leverage up to 1:500, fast execution averaging 80ms, excellent liquidity and spreads from zero. A good selection of minors and exotics are available as well as all the majors. New users can start trading forex in 4 easy steps.

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    With over 190 forex spot pairs, EZ Invest outperforms many rivals in terms of access to the currency markets. Users can also choose between desktop software, a webtrader plus a solid mobile app. On the negative side, spreads aren't the tightest on entry accounts.

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    Trade 50+ forex pairs via the MetaTrader 4 and MetaTrader 5 platforms with leverage up to 1:500, immediate execution, deep liquidity and tight spreads.

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    Fortrade offers 60+ currency pairs including a good selection of majors, minors and exotics. Trading takes place via MT4 or Fortrade's proprietary, low-latency terminal, and spreads on the USD/GBP pair average a reasonable 2 pips.

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    FP Markets stands out as an excellent option for forex traders, boasting a selection of over 70 currency pairs covering a wide range of currencies, especially since expanding its choice of exotics. With average spreads of just 0.1 on the EUR/USD in its Raw account, the broker provides competitive pricing for traders.

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    IronFX continues to offer a strong selection of 80 currency pairs. You can trade through the market-leading MT4 platform with a range of forex market research tools. That said, commission charges in the zero-spread accounts are high, starting from $13.50 per lot.

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    Trade 80+ major, minor and exotic forex pairs. This is a very competitive range of currency pairs with 50+ exotics to choose from, and traders will benefit from fast execution and support from extra features including a pip calculator. The MetaTrader 4 software was also designed for online forex trading.

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    Libertex offers CFD trading on 50+ forex pairs, offering long and short opportunities. Its strength comes in its tight spreads – we were offered 0.2 pips for EUR/USD.

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    NordFX offers a modest range of 33 major and minor forex pairs. Disappointingly, there are no exotic pairs, though traders do benefit from tight spreads from 0.0 pips and low commissions from 0.0035% per side.

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    HYCM offers 40+ forex pairs, with most available to trade on either the MT4 or MT5 platform. The maximum leverage on offer is 1:30 in accordance with regulations, and tight spreads start from 0.2 on the Raw account and from 1.2 on the commission-free Classic account.

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    FXOpen clients can trade 50+ forex pairs (28 on micro accounts) with leverage up to 1:30. Fees are competitive with spreads starting from zero with a small commission on ECN accounts, and slightly wider spreads and no commission on STP accounts.

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    Trade 45 major, minor and exotic forex pairs. This is an average range, but the broker offers attractive and very competitive tight floating spreads from 0.3. Useful features including a news feed set the broker apart from many rivals and can help plan forex strategies.

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    Hantec Markets offers a limited range of 30+ forex pairs – less than most top brands, including Pepperstone with 100+. That said, market execution is rapid based on tests, and spreads are competitive starting at just 0.2 pips. This, combined with access to the popular MT4 platform with 30+ technical indicators, ensures a relatively complete trading experience for short-term currency traders.

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    With 60+ currency pairs available, Dukascopy offers enough majors, minors and exotics to keep most forex traders happy. The broker also offers high leverage up to 1:100 – a good amount to see from a reputable and regulated broker. Currency traders have access to excellent software, including MT4 and JForex.

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    Speculate on popular currency pairs with flexible leverage up to 1:500 and zero-pip spreads in the GO Plus account. Commission-free trading is available with micro, mini and standard forex contract sizes.

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    Tier 1 liquidity on an impressive range of 189 currency pairs and spot metals, plus 130 forwards, from 0.4 pips.

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    Trade on 60+ forex pairs with no commission and competitively tight spreads from 0.6 on major pairs such as EUR/USD. This is a good selection of forex pairs and excellent pricing for commission-free trading, well below the industry average.

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    Trade a wide selection of 80+ currency pairs with spreads from 0.5 pips and industry-favorite platforms. City Index has 40+ years experience in forex trading with liquidity from tier-one banks.

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    ThinkMarkets offers 46 currency pairs, which is around the industry average. Forex traders can benefit from tight 0.0-pip spreads for EUR/USD during peak market hours. Additionally, the ThinkTrader proprietary platform offers an impressive 125+ technical indicators - ideal for complex forex strategies.

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    CMC presents an extensive array of 300+ forex pairs characterized by tight spreads and rapid executions, surpassing the offerings of many competitors in terms of currency diversity. Forex indices also present a fairly unique and holistic way to speculate on the value of key currencies like the USD, EUR and GBP.

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    FXTM offers a strong range of 60+ currency pairs - more than many competitors including AvaTrade. There’s also 6 currency indices for traders looking to diversify their forex portfolios. The brand’s ECN account offers competitively low spreads from 0 pips, with equally low commissions up to $2 per lot.

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    Trade FX pairs with tight spreads & leverage.

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    easyMarkets continues to offer 60+ forex pairs including majors, minors and a selection of exotics, with fixed spreads from 1.8 pips or variable spreads from 0.8 pips. FX traders can access advanced trading software in MetaTrader, as well as very high leverage up to 1:2000.

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    Fusion Markets offers an excellent selection of 90+ currency pairs, providing a range of short-term trading opportunities. It continues to excel for its ultra-tight spreads from 0.0 pips and exceptionally low commissions of $2.25 per side. You also get access to leading forex software in MetaTrader 4.

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    Trade 24 forex pairs via binary options. Such a small range of currency pairs is not that unusual among binary options brokers, and BinaryCent's high payouts up to 95% compensate for the lack of range.

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    FXCM offers an average range of 40+ currency pairs, although there are no commissions and spreads are competitive from 0.78 pips for EUR/USD. The broker also offers 3 forex baskets covering USD, Yen and emerging markets benchmarks.

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    InstaForex's range of 100+ currency pairs is among the largest we have seen. ECN spreads are also available from 0.0 pips with zero commissions. Minimum deposits start from $1 making the broker accessible for beginners. You can also access market-leading forex analysis and insights.

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    Trade 200 CFD forex pairs with DMA pricing and tight spreads, ultra low latency and high leverage up to 1:1000. The range of forex pairs available and pricing model are among the most attractive in the African market.

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    Capital.com offer a long list of forex CFD pairs for trading. All have competitive spreads. The firm also ensures negative balance protection

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    Trade over 180 major, minor, and exotic forex pairs on the Trading 212 platform, featuring floating spreads and leverage up to 1:30. It’s important to note, though, that the forex broker has a history of adjusting margin requirements without providing adequate notice. As a result, CMC Markets is a better pick for forex traders with more currency pairs and a cleaner record.

GBP/NZD Chart

The British Pound Sterling

The GBP, or British pound, is the official currency of the United Kingdom, the South Sandwich Islands, the British Antarctic Territory, the British Overseas Territories of South Georgia and the UK crown dependencies the Channel Islands and the Isle of Man.

As the oldest currency in the world, the history of the GBP stretches back to 760. It was then set as the official UK currency in 1707 when England and Scotland united. The UK dabbled with the gold standard at various times in the 20th century, before abandoning it for the last time in the great depression. The GBP has been a free-floating currency since 1971.

The pound is the fourth most traded currency in the world, after the USD, EUR and JPY, accounting for 13% of the global daily trading volumes. This volume makes it attractive when trading forex pairs such as the GBP/NZD.

The UK economy is the fifth-largest in the world by nominal GDP, hitting USD$2.64 trillion in 2020. The economy’s largest sector is services, particularly financial services, with the sector contributing 80% of the GDP. The interest rates and monetary policies for the GBP are set and managed by the Bank of England (BoE). The UK is one of the biggest exporters and importers in the world, with the USA, Germany and France sitting as its top trading partners.

The New Zealand Economy

The New Zealand Dollar (NZD) is the official currency of New Zealand, the Ross Dependency, Niue, the Cook Islands, the Pitcairn Islands and Tokelau.

The NZD, often called the ‘kiwi’, came into being in 1967, when New Zealand decimalised the former New Zealand pound and pegged its new currency to the US dollar. In 1985, the NZD became a free-floating currency.

The NZD is the tenth most traded currency by daily volume, on average accounting for 2.1% of daily trade volumes. The GBP/NZD is one of the most traded forex pairs including the New Zealand dollar.

The New Zealand economy is a much smaller economy than that of the UK, reeling in a GDP of US$0.196 billion in 2020. The economy is comprised of a services sector accounting for 65.2% of GDP, an industry sector of 20.4% and agriculture of 5.8%. Interest rates and policy decisions are set by the Reserve Bank of New Zealand (RBNZ). New Zealand’s main trading partners are China, Australia and the USA.

GBP/NZD Economic Influences

A deep well of information that can help inform trading strategies and the prediction of price fluctuations exists in the form of economic news. Many reports, statistics and figures that influence GBP/NZD rates are released regularly by official bodies. These reports often follow specific indicators and economic concepts.

Economic Growth

The health and performance of an economy are going to influence the performance of that economy’s currency. Generally, the difference in economic output between the two currencies in a pair is what drives movements in exchange rates. For example, if the UK economy vastly outperforms New Zealand’s, then the GBP will likely strengthen against the NZD.

The health and growth of an economy can be indicated by its GDP relative to previous reports and years. The UK’s Office for National Statistics (ONS) releases GDP estimates every month and every quarter, with the latter reports containing more data and more sophisticated calculation approaches. New Zealand GDP data and charts are released every quarter by Stats NZ Tatauranga Aotearoa. Keeping an eye on these will help you trade the GBP/NZD.

Inflation

Inflation is a concept that changes the strength of a currency within an economy, with a positive inflation rate meaning a currency can buy less-valuable goods for the same quantity. This influences international exchange rates as the price of goods between countries should remain the same. Therefore, if one economy’s inflation rate is higher than another, then its currency weakening would offset the change in trade prices.

Consumer price indices (CPIs) are a widely used tool to measure the inflation of a currency by comparing the price changes of a basket of common goods. GBP/NZD traders often use a version of a CPI called a core CPI, which excludes more volatile goods like food and energy.

The ONS releases CPI bulletins around the middle of each month. These include price indices, percentage changes and weightings for different inflation measures. Stats NZ releases CPI indicator reports each quarter that show percentage changes and information with helpful summary charts.

Balance Of Payments

The balance of payments is a useful economic tool that measures the amount of capital and goods that enter and leave an economy. While it consists of three accounts, the current account is most used by the forex community as it balances trade payments and incomes between one economy and all the others.

The current account can either be in surplus, which means exports outperform imports, or deficit, which is the opposite. A current account surplus tends to bode well for the strength of an economy’s currency.

Both the ONS and Stats NZ release balance of payments reports every quarter, though Stats NZ also produces a year-end report. Again, these are an important resource when investing in the GBP/NZD.

Consumer Confidence

Consumer sentiment for the future of an economy is measured regularly using surveys. UK and New Zealand sentiment reports are produced by many sources, usually banks or financial agencies.

GBP/NZD analysts will often predict the outcomes of these surveys, providing a basis for price movements. If the reports indicate a more positive sentiment than generally predicted, the strength of that currency will often improve.

Monetary Policies

Monetary policies are implemented by the controlling bank of a currency to improve the performance of an economy. These can indirectly impact GBP/NZD exchange rates.

If two economies have a significant difference in their monetary policies, there is more room for speculation on the relative performance of the two currencies and more volatility may result. Monetary policies are enacted by the BoE for the UK and the RBNZ for New Zealand.

The BoE meets eight times a year to discuss and set monetary policy, releasing a decision at 12:00 GMT on Thursday that week. The RBNZ releases a monetary policy statement each quarter that sets out the policy’s approach and reasoning.

GBP/NZD Correlated Instruments

As there are many interconnected markets and the exchange rates for forex pairs rely on a huge number of factors, there are several markets that correlate quite strongly with the GBP/NZD.

The GBP/AUD and GBP/JPY currency pairs share many of the longer-term trends shown by GBP/NZD, excluding those generated by big economic or political news. Japan and Australia are two of the top trading partners of New Zealand, therefore fluctuations in these currencies can influence those in GBPNZD and vice versa. Live price candlestick charts demonstrate these correlations.

Another reason for correlation in instruments is the heavy reliance on agricultural and commodity exports from New Zealand. This links the price of commodities such as gold to the performance of the New Zealand economy, and therefore the strength of its currency. This positive correlation between gold and the NZD spot rate produces a negative correlation between gold and the GBP/NZD pair, as NZD is the quote currency. Further cause for this correlation is that the AUD is strongly linked to gold and, as before, Australia is one of the top trading partners of New Zealand.

When To Trade GBP/NZD

While forex markets provide the ability to trade currency pairs 24 hours a day and can be attractive for just this reason, it is not always a good idea to trade at any time of day. Trading during times of high liquidity will reduce the spreads (costs) related to your trades, and will often see higher volatility, and therefore potential profits.

The most liquid time for most trades, especially those involving the GBP, is during the London session (07:00 GMT to 16:00 GMT). While the NZD sees some liquidity in the Asian session, the GBP/NZD pair sees much more liquidity in the London session, which is also when UK economic news is released.

How To Trade GBP/NZD

Trading any instrument can be done in an infinite number of ways, with strategies relying on financial news, instinct, geometric relationships or complex combinations of other instruments. Some forex strategies may use 5, 10 or even 20-year GBP/NZD charts, while others may rely on spot rate swings lasting less than a minute. While this is true, some instruments lend themselves better to some methods than others.

Below are two possible trading strategies that use characteristics often exhibited by GBPNZD, though there is no guarantee of success with these methods. Traders should always ensure they fully understand the underlying concepts of a method and the risks involved in any trade.

Swing Trading

There are often clear fluctuations with easily-determined support and resistance levels in GBP/NZD price charts. This manifests as fluctuations between two lines, known as range support and range resistance levels. Traders can identify why such a trend is happening and then use the next support or resistance as an entry point, capitalising on the swing towards the opposite level.

These NZD GBP fluctuations don’t last forever, though, and traders should be careful of breakouts. Breakouts occur when the price is dropping below a support or rises above a resistance level, which can indicate the formation of new levels. Stop orders are useful for this strategy to prevent breakouts and false breakouts cancelling profits.

Carry Trading

Carry trading involves using differences in interest rates to your advantage. It involves borrowing a low interest rate currency to buy a high interest rate one, producing profits from the differential. The NZD is very popular for this method as it is one of the highest-yielding industrialised currencies. Leverage is an important tool to ensure meaningful profits in carry trading. For GBPNZD, this would involve buying NZD with GBP or selling GBP for NZD.

GBP/NZD Brokers

Top brokers like Oanda offer a range of live and historical graphs across 10 years of charts for data investing and daily analysis. All of which can help paint a view of pip values so you can make buy or sell decisions.

Many providers also offer live investing forums where you can exchange ideas with other traders and find the best exchange rate prices. Additionally, look for the brokers offering the best suite of indicators, such as pivot points, on their platforms.

Final Word On Trading GBP/NZD

The GBP/NZD is a strong minor pair that offers traders good levels of volatility from two relatively large and stable economic powers. There are many ways to forecast and bet on the pair in 2024, some not even directly involving the pair, though extra consideration should be given to major economic news and reports.

Find out more about forex trading.

FAQ

What Is Today’s Conversion Rate For The GBP/NZD?

Today’s live exchange rate for GBP to NZD can be seen on a real-time chart. This will show what 1 GBP is worth in NZD. See the live chart in our article for details.

How Do I Read GBP/NZD?

Every currency pair is written in a specific format, and the order of the currencies indicates the direction of the trade. In this case, GBP is the base currency and NZD is the quote currency. If a value of 1.92 is given for GBP/NZD, it means 1 GBP is 1.92 in NZD.

How Can I Forecast the GBP/NZD FX Exchange Rate Today?

Predictions for GBP/NZD exchange rates are difficult and can be statistically complex. However, many strategies help break down the complexity of the issues, such as the those mentioned in our article. Also, you can draw your own conclusions from online investing signals, the release of key economic reports from each economy and the latest news.

When Should I Trade GBP/NZD?

FX markets are open all day every day, though there are certain times when trading will incur the lowest costs. When the markets are very liquid, spreads are lower and trading is cheaper. For GBP/NZD, the best time to trade is during the London trading session or shortly after big economic news releases.

Which Currency Is Stronger In GBP Vs NZD?

Looking at historical data, graphs and technical analysis, GBP is stronger than NZD and always has been. However, over time, the NZD has been getting stronger compared to the GBP (GBP/NZD going down) since its conception in 1967, though less so over the last ten years.