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FxWirePro: GBP/NZD steadies above 1.9550, retains bid tone

Tuesday, May 10, 2022 11:20 PM UTC

• GBP/NZD strengthened on Tuesday as commodity linked kiwi dollar was hurt by fears of slowing global economic growth.

• Pair lifts above 1.9550 but gains were limited as investors awaited US inflation data due on Wednesday, that may have big market impact.

• Technical signals indicate bullish movementum, as RSI is at 61, daily momentum studies 5, 9 and 11 DMAs are trending up.

• Immediate resistance is located at 1.9629(Higher BB), any close above will push the pair towards 1.9716 (23.6%fib).

• Strong support is seen at 1.9454 (38.2%fib) and break below could take the pair towards 1.9366 (11DMA).

Recommendation: Good to buy around 1.9550, with stop loss of 1.9440 and target price of 1.9710

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FxWirePro: GBP/NZD steadies above 1.9550, retains bid tone

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