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FxWirePro: GBP/NZD loses momentum but outlook is bullish

Thursday, October 19, 2023 5:52 PM UTC

• GBP/NZD initially gained on Thursday but gave up some ground as uncertainty around the Middle East conflict kept investors risk-averse.

• UK retail sales for September are due on Friday, while a preliminary read on October business activity lands next week.

• GBP/NZD has seen a 2.0724-2.0846 range on Thursday, it was last trading at 2.0784.

• From a technical viewpoint, the moving averages are pointing upwardss, while the RSI is strongly bullish at 51.

• Immediate resistance is located at 2.0827 (38.2% fib), any close above will push the pair towards 2.0942 (23.6% fib).

• Strong support is seen at 2.0724(50% fib) and break below could take the pair towards 2.0411 (5DMA).

Recommendation: Good to buy around 2.0760, with stop loss of 2.0520 and target price of 2.0830

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FxWirePro: GBP/NZD loses momentum but outlook is bullish

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