Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/NZD dips below lower range, bearish bias increases

• GBP/NZD declined on Friday  after data showed British economy contracted in June.

•GBP/ NZD fell   despite GDP figures falling less than expected as investors were  wary that soaring UK inflation and BoE rate hikes will hinder growth.

• GBP/NZD drops below the 38.2%fib ,now eyes 23.6%fib  support at 1.8714.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 28.

• Immediate resistance is located at 1.8914 (38.2%fib), any close above will push the pair towards 1.8981 (Daily high).

• Strong support is seen at 1.8790 (Daily low) and break below could take the pair towards 1.8714(23.6%fib).

 Recommendation: Good to sell below 1.8800, with stop loss of 1.8930and target price of 1.8700

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.