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FxWirePro: GBP/NZD regains upwards momentum but unable to hold above 5 -DMA

Thursday, November 16, 2023 7:05 PM UTC

• GBP/NZD strengthened on Thursday as weaker kiwi dollar benefited bulls but the gains were capped by 5DMA resistance.

• Pair traded in 2.0781 /2.0597 range ,a close above 5DMA, will trigger a new bullish phase with potential for 2.0885.

• Technical signals are bullish as RSI is at 51, daily momentum studies 5,9 and 10 DMAs are trending up.

• Immediate resistance is located at 2.0781 ( 5DMA), any close above will push the pair towards 2.0884 (23.6%fib).

• Strong support is seen at 2.0712(38.2%fib ) and break below could take the pair towards 2.0590(50%fib).

Recommendation: Good to buy around 2.0720 , with stop loss of 2.0620 and target price of 2.0800

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FxWirePro: GBP/NZD regains upwards momentum but unable to hold above 5 -DMA

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