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FxWirePro: GBP/NZD inches higher on profit-taking but setup is bearish

Thursday, January 7, 2021 6:33 PM UTC

• GBP/NZD recovered some ground on Thursday as the pair was aided by profit-taking on shorts.

• GBP/NZD short rally ran out of steam just shy of 1.8808 (5DMA).Resistence at 1.8808 is likely to cap further upside.

• Technical signals are bearish as RSI is at 38, daily momentum studies 5, 9 and 10 DMAs are trending down.

• On the upside, Immediate resistance is located at 1.8761 ( 38.2%fib), any close above will push the pair towards 1.8808 (5DMA).

• On the downside, support is seen at 1.8621 (23.6%fib ) and break below could take the pair towards 1.8580 (Lower BB).

Recommendation: Good to sell around 1.8720, with stop loss of 1.8808 and target price of 1.8640.

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FxWirePro: GBP/NZD inches higher on profit-taking but setup is bearish

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