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GBP/NZD chart on Trading View used for analysis
- GBP/NZD has broken below weekly cloud and major trendline support at 1.8550.
- Scope for further weakness, 61.8% Fib retracement at 1.8143 in sight.
- Brexit continues to weigh the Pound down as the UK's parliament vote looms around the corner.
- This weekend's G20 summit did little to ease bearish pressures on the British Pound.
- Markets wary ahead of the upcoming parliamentary vote on May's Brexit proposal in the House of Commons on December 11th.
- Theresa May will need 320 members of the UK parliament (MPs) voting for her Brexit deal with only 224 loyal Conservatives being secured now.
- Technical studies support downside. Scope for test of 61.8% Fib at 1.8143.
- Immediate resistance lies at 5-DMA at 1.8612. Bearish invalidation only above 200-DMA.
Support levels - 1.84, 1.8143 (61.8% Fib)
Resistance levels - 1.8612 (5-DMA), 1.8925 (21-EMA)
Recommendation: Stay short on upticks, SL: 1.8620, TP: 1.83/ 1.8145
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
