FxWirePro :GBP/NZD capped by the 9-DMA, good to sell on rally
• GBP/NZD declined on Friday as kiwi dollar was boosted by upbeat retail sales data . • New Zealand retail sales were flat at 0.0% q/q, the data was better than expected ,the improvement in retail sales points to resilie…
• GBP/NZD declined on Friday as kiwi dollar was boosted by upbeat retail sales data .
• New Zealand retail sales were flat at 0.0% q/q, the data was better than expected ,the improvement in retail sales points to resilience in the New Zealand economy.
• The pair is approaching to test 38.2%fib support. A break under would unmask 2.0600 level in the short term.
• Immediate resistance is located at 2.0733(9DMA), any close above will push the pair towards 2.0774 (50%fib).
• Immediate support is seen at2.0641 (38.2%fib ), break below could take the pair towards 2.0483 (23.6%fib).
Recommendation: Good to sell around 2.0710 with stop loss of 2.0770 and target price of 2.0600
