GBP/NZD chart on Trading View used for analysis
- GBP/NZD trades 0.28% lower on the day at 1.9234 at 1226 GMT.
- Recovery in the pair has failed at 200-DMA, bearish invalidation only on breakout above.
- We evidence a spinning top formation at highs, raising scope for weakness.
- Price action has dipped below 5-DMA and further weakness eyes 110-EMA at 1.9117.
- Break below 110-EMA will see weakness till 38.2% Fib at 1.9020.
- On the flipside, decisive breakout above 200-DMA will see gains till 61.8% Fib at 1.9574.
Support levels - 1.9075 (Jan 23 high), 1.9020 (38.2% Fib)
Resistance levels - 1.93 (200-DMA), 1.9574 (61.8% Fib)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
