Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro : GBP/NZD drifts lower , could be on verge of a bigger drop

• GBP/NZD declined on Monday  as   bears retained control ahead of upcoming Bank of England's (BoE) meeting.

• BoE will maintain the current interest rate, expecting a vote split of 1-7-1. The BoE’s forward guidance will be a critical aspect, especially if there's a shift from the current tightening stance.

• The pair is approaching to test  50%fib support. A break under    would unmask   2.0700 level in the short term.

• Immediate resistance is located at 2.0783 (38.2%fib), any close above will push the pair towards 2.0856 (Jan 30th high).

• Immediate support is seen at 2.0725 (50%fib ), break below could take the pair towards 2.0603 (61.8%fib).

Recommendation: Good to sell around 2.0730  with stop loss of 2.0900  and target price of 2.0650

  • Market Data
Close

Welcome to EconoTimes

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