BOE has also restarted its program as well.
Meanwhile, interest rate in New Zealand are at 2.25%. A 25 bps rate cut next week looks like a done deal. Still, even at 2%, the Kiwi offers a substantially high yield over GBP. Plus, things in New Zealand are far away from zero lower bound and .
Hence, upticks in the GBP/NZD cross are likely to be met with fresh offers. Also note, the yield differential suggests NZD is likely to rally more than GBP during bouts of US dollar weakness.
Overall, the GBP/NZD cross looks poised to re-test July lows around 1.77. Prices could go even lower in the long-term