Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:GBP/ NZD downside pressure builds, key support levels in focus


• GBP/NZD declined  on Friday as GBP was weighed down by weak domestic retail sales data and hawkish rhetoric from major central banks.

• British retail sales slid unexpectedly in November, retail sales volumes dropped by a month-on-month 0.4% from October.

• The is pair heading towards the 38.2%fib, as near term direction of the pair is likely to be driven by current price action.  

• Technical signals are bearish as RSI is heading down at 39   , daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.9162 (50%fib ), any close above will push the pair towards 1.9240 (Higher BB).

• Strong support is seen at 1.8999(38.2%fib) and break below could take the pair towards 1.8924 (29th Sep low).

Recommendation: Good to sell on  around 1.9030 with stop loss of 1.9120and target price of 1.8960


 

  • Market Data
Close

Welcome to EconoTimes

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