FxWirePro: GBP/NZD dips below lower range, bearish bias increases

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FxWirePro: GBP/NZD dips below lower range, bearish bias increases

Saturday, August 13, 2022 1:33 AM UTC

• GBP/NZD declined on Friday after data showed British economy contracted in June.

•GBP/ NZD fell despite GDP figures falling less than expected as investors were wary that soaring UK inflation and BoE rate hikes will hinder growth.

• GBP/NZD drops below the 38.2%fib ,now eyes 23.6%fib support at 1.8714.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 28.

• Immediate resistance is located at 1.8914 (38.2%fib), any close above will push the pair towards 1.8981 (Daily high).

• Strong support is seen at 1.8790 (Daily low) and break below could take the pair towards 1.8714(23.6%fib).

Recommendation: Good to sell below 1.8800, with stop loss of 1.8930and target price of 1.8700

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