Fundamentally, GBPNZD relies on Brexit either coming to a “peaceful” resolution or market participants not getting too worried if it does not. It’s my belief that we will get one of these two scenarios. There is monetary policy and economic performance divergence in favor of GBP v NZD.
Technically, we are pushing on the top boundary of an extended weekly range. Volatility has been subdued inside the range and makes this breakout interesting.