FxWirePro: GBP/NZD edges higher from half-yearly lows at 2.1446, further weakness on charts
Thursday, February 18, 2016 8:39 AM UTC
- GBP/NZD extends declines below the cloud, hits half-yearly lows at 2.1446 before edging higher to trade at 2.1537.
- The pair has been trading a falling wedge, has hit wedge top resistance at 2.1997 and retraced from there.
- Technicals show no respite from bears, we see scope for test of 2.1340 and then 2.10 levels. Downside has also been supported by higher volumes.
- Immediate support and resistance are seen at 2.1430 (June 8th lows) and 2.1704 (Dec 31st highs).
Recommendation: Good to sell rallies around 2.1560, SL: 2.17, TP: 2.1430/2.1390
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