Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro :GBP/NZD drifts lower ahead of UK employment data, upcoming meetings

• GBP/NZD declined on Monday  as   the pair attracted sellers ahead of UK employment, upcoming meetings.

• Dovish MPC members favoring a rate hold could gain more influence  if Tuesday's UK data hint at reduced inflationary pressures, raising the prospects of a skip, or pause  at next  MPC meeting.

• The pair is approaching to test  38.2 %fib support. A break under    would unmask   2.0350 level in the short term.

• Technical signals show the pair could lose more ground in the short-term as RSI is falling,while moving averages and MACD are trending lower.

• Immediate resistance is located at 2.0524 (9DMA), any close above will push the pair towards 2.0645 (23.6%fib).

• Immediate support is seen at 2.0388 (38.2%fib ), break below could take the pair towards 2.0252 (Apr 27th low).

Recommendation: Good to sell around 2.0450 with stop loss of 2.0550  and target price of 2.0350

  • Market Data
Close

Welcome to EconoTimes

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