FxWirePro: GBP/NZD rejected at 200-DMA, Doji at highs raises scope for weakness

GBP/NZD chart on Trading View used for analysis

• GBP/NZD has been rejected at 200-DMA, the pair has edged lower from session highs at 1.9284.
   
• We see a 'Gravestone Doji' formation at highs which raises scope for weakness.
   
• GBP/NZD spiked past 200-DMA to hit 3-week highs at 1.9284, but failed to hold gains.
   
• Stochs have reached overbought levels and are showing signs of exhaustion.
   
• Immediate support is seen at 110-EMA at 1.9084. Break below will see further weakness.
   
• UK PM May will be meeting EU leaders over the weekend in last efforts to secure a Brexit deal that can be passed through parliament.
   
• No major economic data are scheduled for release during Friday from the UK and Brexit news will impact direction.

Support levels - 1.9084 (110-EMA), 1.9043 (5-DMA), 1.9002 (55-EMA)

Resistance levels - 1.9255 (200-DMA), 1.9319 (Upper BB), 1.9426 (Jan 25 high)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.