GBP/NZD chart on Trading View used for analysis
- GBP/NZD has been rejected at 200-DMA, the pair has edged lower from session highs at 1.9284.
- We see a 'Gravestone Doji' formation at highs which raises scope for weakness.
- GBP/NZD spiked past 200-DMA to hit 3-week highs at 1.9284, but failed to hold gains.
- Stochs have reached overbought levels and are showing signs of exhaustion.
- Immediate support is seen at 110-EMA at 1.9084. Break below will see further weakness.
- UK PM May will be meeting EU leaders over the weekend in last efforts to secure a Brexit deal that can be passed through parliament.
- No major economic data are scheduled for release during Friday from the UK and Brexit news will impact direction.
Support levels - 1.9084 (110-EMA), 1.9043 (5-DMA), 1.9002 (55-EMA)
Resistance levels - 1.9255 (200-DMA), 1.9319 (Upper BB), 1.9426 (Jan 25 high)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.