Technicals

Add as a preferred source on Google

FxWirePro:GBP/NZD positions for another climb, eyes 1.9400 level

• GBP/NZD rose on Friday after survey showed Britain's services sector grew at the fastest pace in eight months in February. • The final version of the S&P Global/CIPS UK services Purchasing Managers' Index (PMI) increas…

1 min read
EconoTimes — Reading the Times. Understanding the Future.

Read the original article

• GBP/NZD rose on Friday after  survey showed Britain's services sector grew at the fastest pace in eight months in February.

• The final version of the S&P Global/CIPS UK services Purchasing Managers' Index (PMI) increased to 53.5 last month, up from 48.7 in January.

• The pair currently is approaching resistance at 38.2%fib. A break above   would unmask 1.9400 level in the short term.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 55,while moving averages are trending higher.

• Immediate resistance is located at 1.9344(38.2%fib), any close above will push the pair towards 1.9404(Jan 19th high).

• Immediate support is seen at 1.9300 (14DMA) and break below could take the pair towards 1.9191 (50%fib).

Recommendation: Good to buy around 1.9320, with stop loss of 1.9250 and target price of 1.9400

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560