FxWirePro: GBP/NZD downtrend loses steam but outlook still bearish
• GBP/NZD initially dipped on Monday but recovered most of the ground as markets focus turned on the UK jobs report on Tuesday and CPI data on Wednesday. • GBP/NZD failed to break support at 1.8984 and rebound back towar…
• GBP/NZD initially dipped on Monday but recovered most of the ground as markets focus turned on the UK jobs report on Tuesday and CPI data on Wednesday.
• GBP/NZD failed to break support at 1.8984 and rebound back towards 1.9040.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 41.
• Immediate resistance is located at 1.9060 ( 50%fib), any close above will push the pair towards 1.9102 (61.8%fib).
• Strong support is seen at 1.8984 (38.2%fib) and break below could take the pair towards 1.8891(23.6%fib).
Recommendation: Good to sell below 1.9050, with stop loss of 1.9120 and target price of 1.9000
