Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/NZD maintains bullish bias with focus on 2.0200 level

• GBP/NZD strengthened on Monday as investors consolidated bets ahead of a Bank of England meeting next month.

• Money markets are fully pricing in one rate hike by next month and one full percentage point increase in interest rates by the end of 2022.

• At GMT 18:53, the pair was trading  0.65% higher at 2.0075, slightly lower from session high at 2.0129.

• Technical signals are bullish as RSI is at 69, daily momentum studies  5,9,10 DMA, are trending up. 

• Immediate resistance is located at 2.0129 (23.6%fib ), any close above will push the pair towards 2.0200(Higher BB).

• Strong support is seen at 1.20031(5 DMA) and break below could take the pair towards 1.9962 (38.2%fib).

Recommendation: Good to buy on dips around 2.0075 with stop loss of 1.9950 and target price of 2.0200.
 

  • Market Data
Close

Welcome to EconoTimes

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