Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro : GBP/NZD slips to hit one-week low with plenty more downside potential

• GBP/NZD slipped to hit one week low on Wednesday  as sterling attracted seller after UK's consumer price index (CPI) for October showed a weaker-than-anticipated increase.

• The data is likely to solidify the market's view that the BoE is close to ending its rate hikes, with potential implications for monetary policy.

•At GMT 16:19, the pair was trading up 0.79 percent  at 2.0636 after reaching daily low at 2.0603.

•Technical signals are bearish as RSI is at 44, daily momentum studies  5, 9 and 10 DMAs are trending down.

• Immediate resistance is located at 2.0737(50%fib), any close above will push the pair towards 2.0782 (21DMA)

• Immediate support is seen at 2.0519(38.2%fib ) and break below could take the pair towards 2.0482(Sep 22nd low).

Recommendation: Good to sell  around 2.0650 with stop loss of 2.0750  and target price of 2.0550

 

  • Market Data
Close

Welcome to EconoTimes

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