GBPPLN – Aiming for new long-term lows!

With Poland’s macro statistics continuing to be favourable over that of UK’s, it is not surprising to see GBPPLN moving downwards (Sterling weak).
Four down days in a row last week dragged the rate from 4.75 to 4.67. This decline affirmed the pattern of falling lows, meaning that supply of Sterling is greater than that of Polish Zloty. Technically, bouts of Sterling strength were often short-lived, suggesting that the long-term predominant trend favours Zloty.
A test of the next support (4.65) is underway. If successful, the rate will probably move quickly to test the 2017 lows of 4.60.