Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/NZD claws back some ground, bulls set to regain control

• GBP/NZD initially gained on Thursday but gave up some ground as investors digested solid U.S. economic  data  and remarks from Bank of England's Chief Economist Huw Pill .

• BoE's Pill said the central bank will  see the job through  on bringing high inflation back down to its 2% target even if there is a risk that high interest rates hurt Britain's economy..

• GBP/NZD remains bullish, only a close back below  2.1100 level could upset the bullish order.

• Technical signals are bullish as RSI is at 52, daily momentum studies  11, 14 and 21 DMAs are trending up.

• Immediate resistance is located at 2.1264(5DMA ), any close above will push the pair towards 2.1474 (23.6%fib).

• Strong support is seen at 2.1147 (38.2% fib) and break below could take the pair towards 2.1110 (30DMA).

Recommendation: Good to buy  around 2.1220, with stop loss of 2.1000 and target price of 2.1340

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.