Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:GBP/NZD edges lower after early gains fizzles out

•  GBP/NZD  drifted  lower  on Thursday  as increased risk sentiment and higher commodity prices boosted kiwi dollar.

• Iron ore futures surged on Thursday to their highest level in over a week, while oil prices increased by about 1%. Copper prices also climbed, reaching their highest point in nearly two weeks.

. •At GMT 17:33, the pair was trading down 0.07 percent  at 2.1237 after reaching daily high at 2.1237.

• Technical highlight downside  risks for GBP/NZD, with momentum studies, 5, 10 and 11 DMAs tracking south.

• Immediate resistance is located at 2.1367 (38.2%fib), any close above will push the pair towards 2.1435 (Aug 19th  high).

• Immediate support is seen at 2.1193 (50%fib) and break below could take the pair towards 2.1116(Aug 7th low).

Recommendation: Good to sell  around 2.1240, with stop loss of 2.1300 and target price of 2.1140

  • Market Data
Close

Welcome to EconoTimes

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