FxWirePro: GBP/NZD uptrend falters, leaving 1.9655 as key support

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FxWirePro: GBP/NZD uptrend falters, leaving 1.9655 as key support

Monday, October 3, 2022 8:28 PM UTC

• GBP/NZD dipped on Monday as the mood turned bearish for the pair ahead of interest rate hike decision by Reserve Bank of New Zealand (RBNZ).

• The Reserve Bank of New Zealand (RBNZ) is expected to rise its OCR by 50 bps consecutively for the fifth time.

• The pair dropped quickly to test 1.9655(38.2% fib) support and recovered towards 1.9801. Daily close below 38.2% fib support will increase further downtrend .

• Immediate resistance is located at 1.9964 (23.6% fib), any close above will push the pair towards 2.000(Psychological level)

• Support is seen at 1.9655(38.2% fib) and break below could take the pair towards 1.9438 (50% fib).

Recommendation: Good to sell around 1.9800, with stop loss of 2.000and target price of 1.9720.

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