FxWirePro:GBP/NZD pauses decline, critical support lies ahead
• GBP/NZD dipped on Wednesday as higher commodity prices supported kiwi dollar, but moves were limited by concerns about the Delta variant. • At GMT 22:10, the pair was trading down 0.02 percent at 1.9732 after reaching …
• GBP/NZD dipped on Wednesday as higher commodity prices supported kiwi dollar, but moves were limited by concerns about the Delta variant.
• At GMT 22:10, the pair was trading down 0.02 percent at 1.9732 after reaching daily low at 1.9711.
• Market attention is focused on Friday's Jackson Hole conference, at which some investors expect Chair Jerome Powell to give hints about tapering the Fed's bond-buying scheme.
• Immediate resistance is located at 1.9779 (38.2%fib), any close above will push the pair towards 1.9851(23.6%fib).
• Immediate support is seen at 1.9714(50%fib ) and break below could take the pair towards 1.9652(61.8%fib).
Recommendation: Good to sell around 1.9740, with stop loss of 1.9800 and target price of 1.9700.
