New Zealand Dollar Stalls and Rotates Lower, Piercing 2.0500 Barrier; Poised to Fill Gap in 2.04s

Pound dips versus the New Zealand dollar dispite poor Westpac Consumer Survey and 'Remain' bid

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The pound to New Zealand Dollar (Kiwi) exchange rate (GBP/NZD) fell on Thursday, the day of the British referendum despite sterling being broadely supported by expectations 'Remain' would win.

The Kiwi rose despite headwinds from lacklustre Consumer Sentiment data at the start of the week, which showed a leading marketr index produced by Westpac Bank fall to 106.00 from 109.6 in the previous month.

GBP/NZD is currently trading at 2.0495 after falling from the 2.07s.

The pair appears to be unfolding in a bearish scenario which is poised to fill the gap opened at the start of the week's trading.

'Closing the gap is a common phenomenon in financial markets, and in this case a move below the gap high at 2.0429 would probably lead to a move down to the gap lows at 2.0383.