Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:GBP/NZD consolidates above 2.0900 after early fall, maintains bullish bias

• GBP/NZD initially dipped on Thursday but regained   ground after the Bank of England (BoE) raised interest rates by a quarter percentage point as largely expected.

• The BoE raised its key interest rate to a 15-year peak of 5.25%, offering some respite to market participants who had been concerned about a larger rate hike.

• GBP/NZD remains bullish, only a break and daily close above 50%fib at 2.0707 will shift bias to the downside.

• Technicals are favouring bullish sentiment as RSI is at 60 and the pair is trading above 11 & 21-DMAs. 

• Immediate resistance is located at 2.0970 (23.6%fib ), any close above will push the pair towards 2.1002 (Higher BB).

• Strong support is seen at 2.0825(38.2%fib) and break below could take the pair towards 2.0775(9DMA).

Recommendation: Good to buy   around 2.0910, with stop loss of 2.0800 and target price of 2.0980
 

  • Market Data
Close

Welcome to EconoTimes

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