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FxWirePro: GBP/NZD caught in narrow range, bias neutral

• GBP/NZD recovered   from early fall on Wednesday  but gains were limited amid risk-off flows.

• GBP/NZD gains near 20DMA,consolidation likely to continue while market seeks fresh factors.

• Technical signals are bushish as RSI is at 51, daily momentum studies  5,9 and 10 DMAs are trending up.

•  Immediate resistance is located at 2.0592 ( 20DMA), any close above will push the pair towards 2.0691 (23.6% fib)

• Strong  support is seen at 2.0488 (38.2% fib ) and break below could take the pair towards 2.0390(Lower BB).

Recommendation: Be on sidelines

  • Market Data
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