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FxWirePro: GBP/NZD beginning to trend lower but hurdle ahead

Wednesday, May 17, 2023 6:23 PM UTC

• GBP/NZD eased from 2.0040 level on Wednesday as sterling was undermined against kiwi dollar by unnoteworthy monthly UK jobs data released on Tuesday.

• The pair pulled back after failing to break resistance at 2.0039 (14DMA), it was last trading at 1.9963.

• Technical signals are bearish as RSI at 47, daily momentum studies 5, 11 and 14 DMA’s are trending down.

• Immediate resistance is located at 2.0039 (14DMA), any close above will push the pair towards 2.0090 (38.2% fib).

• Immediate support is seen at 1.9891(50% fib) and break below could take the pair towards 1.9795 (Lower BB).

Recommendation: Good to sell around 1.9980, with stop loss of 2.0100 and target price of 1.9900

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FxWirePro: GBP/NZD beginning to trend lower but hurdle ahead

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