FxWirePro: GBP/NZD neutral in the near-term, scope for downward resumption
• GBP/NZD recovered some ground on Tuesday as investors digested Liz Truss's appointment as new UK prime minister. •Sterling gained on hope the new UK PM will usher in major fiscal support to blunt the trauma of rising e…
• GBP/NZD recovered some ground on Tuesday as investors digested Liz Truss's appointment as new UK prime minister.
•Sterling gained on hope the new UK PM will usher in major fiscal support to blunt the trauma of rising energy prices.
• GBP/NZD recovers towards 1.9070 and holds near the day's high in US session.
• Bulls will need a clear 1.9180 ( 50% fib)to take greater control, failure to break higher will spur fresh downward momentum.
• Technical signals are mixed as RSI has turned lower, moving averages are mixed.
• Immediate resistance is located at 1.9080 (38.2%fib), any close above will push the pair towards 1.9100 ( 30DMA).
• Immediate support is seen at 1.8992 (11DMA) and break below could take the pair towards 1.89584(23.6%fib).
Recommendation: Good to sell around 1.9080 , with stop loss of 1.9160 and target price of 1.9000.
