FxWirePro:GBP/NZD plumbs to three-week low as Powell's dovish tone weighs
• GBP/NZD declined on Friday as dovish lean by Powell attracted seller in the pair. •The pair extended its drop to hit 1.9599, a three weeks low, it was down 0.53% on Friday. • The pair is approaching to test 1.9588 (23.…
• GBP/NZD declined on Friday as dovish lean by Powell attracted seller in the pair.
•The pair extended its drop to hit 1.9599, a three weeks low, it was down 0.53% on Friday.
• The pair is approaching to test 1.9588 (23.6%fib ). A break under 1.9588 would unmask 1.9500 level in the short term .
•Technical signals show the pair could lose more ground in the short-term as RSI is has turned sharply bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.
• Immediate resistance is located at 1.9683 (38.2%fib ), any close above will push the pair towards 1.9731 (5DMA).
• Immediate support is seen at 1.9588 (23.6%fib ), break below could take the pair towards 1.9530 (Higher BB).
Recommendation: Good to sell around 1.9610 with stop loss of 1.9680 and target price of 1.9550.
