- Sterling gives up BoE Chief Economist Andrew Haldane's hawkish comments led gains.
- On the other side, kiwi buoyed on upbeat economic assessment by the RBNZ at its monetary policy meeting today.
- GBP/NZD erases previous session's gains, edges lower below 0.75 handle.
- Upside remains capped below 5-DMA at 1.7527, we see bearish invalidation only on close above.
- Momentum studies bearish, next bear target lies at trendline at 1.7185.
Support levels - 1.7342 (Mar 3 low), 1.7187 (78.6% Fib), 1.7185 (trendline)
Resistance levels - 1.7527 (5-DMA), 1.7566 (61.8% Fib), 1.7690 (200-DMA)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-GBP-NZD-fails-to-hold-break-above-200-DMA-good-to-short-rallies-752096) has hit TP1&2.
Recommendation: Bias lower. Book partial profits at lows, lower stops to 1.7565, hold for downside.
FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at -31.8277 (Neutral), while Hourly NZD Spot Index was at 32.1469 (Neutral) at 0730 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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