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GBP/NZD chart on Trading View used for analysis
- GBP/NZD extends weakness, trades 1.25% lower on the day at 1.8896 at 1120 GMT.
- Kiwi boosted earlier in the day after RBNZ failed to satisfy dovish expectations.
- Further, GBP-selling in the wake of disappointing UK inflation figures for the month of Jan weighs.
- UK inflation figures disappointed in January, headline CPI fall 0.8% m/m; yearly rate eases to 1.8%.
- Focus now on the upcoming parliament debate on Brexit, scheduled to take place on Thursday - February 14.
- Technical studies support weakness. We recommend using upticks to go short.
Support levels - 1.8860 (50-DMA), 1.8760 (Feb 6 low), 1.86 (Jan 11 low)
Resistance levels - 1.9012 (55-EMA), 1.91 (110-EMA), 1.9274 (200-DMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
