FxWirePro Currency Strength Index for GBP/NZD: Bias Bearish
FxWirePro's Hourly GBP Spot Index was at -124.659 (Bearish)
FxWirePro's Hourly GBP Spot Index was at 141.004 (Bullish)
Technical Analysis: Bias Bearish
- The pair remains capped below 200-DMA, recovery failed to break above
- Momentum indicators bearish
- RSI below 50 levels, biased lower
- MACD well below zero levels and -ve DMI dominance
Fundamental Factors:
Sterling stumbles on lower inflation. UK inflation came out at 2.4%, below 2.5% that had been expected.
GBP undermined by speculation about a tougher Brexit coming after Tuesday's outcome of the Commons' vote over the Brexit bill.
Support levels - 1.8883 (38.2% Fib), 1.8785 (Nov 9 low), 1.8615 (Jan 12 low)
Resistance levels - 1.90, 1.9043 (5-DMA), 1.9095 (200-DMA)
Recommendation: Good to go short around 1.8950/60, SL: 0.91, TP: 1.8885/ 1.8785/ 1.8615
