Have a look at the long term GBP/NZD chart and you get a sense of just how far the GBP has fallen in recent years. I know the situation in the UK isn’t great but I’m not sure that we should be getting bearish at these lowly levels. This particular pair looks like it could easily rally by 10% without endangering the down-trend.
The cable has been capped in recent weeks near a 50% retracement level just below 1.5600 and it needs to break back above this in order to generate fresh momentum.