Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro : GBP/NZD resumes downside after UK retail sales misses expectation

• GBP/NZD declined on Friday  as   the pair was weighed  down by down beat UK retail sales data  .

• Data on Friday showed British retail sales tumbled much more than expected in January as non-essential shops went back into coronavirus lockdowns.

• At GMT 16:14, the pair was trading down 0.79 percent  at 1.9180 after reaching daily high at 1.9388.

• Technicals are favouring bearish sentiment as RSI has turned sharply lower and the pair is trading below   50%fib.

• Immediate resistance is located at 1.9268(50% fib), any close above will push the pair towards 1.9422 (38.2%fib)

• Support is seen at 1.9183 (9DMA ) and break below could take the pair towards 1.9110(61.8%  fib).

Recommendation: Good to sell  around 1.9190, with stop loss of 1.9280 and target price of 1.9080.

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.