Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro :GBP/NZD uptrend falters, leaving 2.0668 as key support

• GBP/NZD initially rose  on Wednesday but rally fizzled   as markets digested hawkish remarks from Bank of England Governor Andrew Bailey  .

• Bank of England Governor Andrew Bailey said last week's rise in interest rates reflected a resilient economy and unexpectedly persistent inflation.

• GBP/NZD rally stalled at 23.6% fib and pressure now shifts to the downside.

• Immediate resistance is located at 2.0804 (23rd June high),any close above will push the pair towards 2.0879 (23.6 % fib ).

• Immediate support is seen at 2.0668(38.2% fib) and break below could take the pair towards 2.0609 (11DMA )

Recommendation: Good to sell around 2.0800, with stop loss of 2.0900 and target price of 2.0720

 

  • Market Data
Close

Welcome to EconoTimes

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