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GBP/NZD chart on Trading View used for analysis
- GBP/NZD trades 0.35% lower on the day at 1.9080 at the time of writing.
- Price action has dipped below weekly cloud, is extending weakness for 6th straight week.
- Momentum studies bearish on weekly charts, RSI sharply lower and MACD shows bearish crossover.
- Technical analysis on daily charts is biased lower. Price action has slipped below 200-DMA and daily cloud.
- Focus on UK employment data due later in the day for fresh impetus. Quarterly Average Earnings for the UK, with Earnings plus bonuses for the annualized quarter into September expected to print at 3.0%, a tick healthier than the previous quarter's 2.7%.
- UK employment data for today could further derail GBP bulls if the numbers miss the mark.
- Price action hovers around 38.2% Fib at 1.9031. Break below eyes major trendline support at 1.8670.
- 5-DMA is immediate resistance at 1.9232. Bearish invalidation above 200-DMA.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-GBP-NZD-Trade-Idea-1456491) has hit TP1.
Recommendation: Book partial profits at lows. Stay short for further weakness.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
