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FxWirePro: GBP/NZD retreats slightly but trend is still bullish

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FxWirePro:GBP/AUD sustains gains as uptrend remains strong

Wednesday, March 8, 2023 10:41 PM UTC

• GBP/ AUD strengthened on Wednesday as Australian dollar weakened after RBA Governor Lowe's speech.

• Reserve Bank of Australia (RBA) Governor Philip Lowe said RBA was closer to pausing its aggressive cycle of rate increases as policy was now in restrictive territory, and suggested a halt could come as soon as April.

• The pair currently is approaching resistance at 23.6%fib. A break above would unmask 1.8050 level in the short term.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 55,while moving averages and MACD are trending higher.

• Immediate resistance is located at 1.7973( 23.6%fib), any close above will push the pair towards 1.8046 (Higher BB).

• Immediate support is seen at 1.7913 (5DMA) and break below could take the pair towards 1.7811(38.2%fib).

Recommendation: Good to buy around 1.7960, with stop loss of 1.7800 and target price of 1.8050

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FxWirePro:GBP/AUD sustains gains as uptrend remains strong

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