FxWirePro: GBP/NZD loses momentum but outlook is bullish

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FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (USDCHF and GBPJPY) for the day)

FxWirePro:EUR/NZD force is with bears a pair hits lowest since Aug 1st

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FxWirePro: GBP/NZD loses momentum but outlook is bullish

Wednesday, August 3, 2022 10:50 PM UTC

• GBP/NZD initially dipped on back of heightened geopolitical angst on Wednesday but gained some ground on expectations of a 50bp BoE rate hike on Thursday.

• GBP/NZD drops below the 5-DMA , slide halts at the 1.8093 (50%fib).

• GBP/NZD remains bullish, only a break and daily close above 1.9188 (61.8% fib) will shift bias to the upside.

• Technical are bullish, daily RSI is negative at 51, daily momentum studies 5,9 and 11 DMAs are trending up.

• Immediate resistance is located at 1.9368 (5DMA ), any close above will push the pair towards 1.9480 (38.2%fib).

• Strong support is seen at 1.8093 (50%fib) and break below could take the pair towards 1.9285(100DMA).

Recommendation: Good to buy around 1.9350, with stop loss of 1.9250 and target price of 1.9460

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