FxWirePro:GBP/NZD falls below 1.9000, bears keep the advantage

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FxWirePro-Major pair levels and bias summary

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FxWirePro: GBP/AUD drops below 1.9000 level, heads deeper into bear territory

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FxWirePro:GBP/NZD falls below 1.9000, bears keep the advantage

Thursday, August 11, 2022 8:41 PM UTC

• GBP/NZD declined sharply on Thursday as focus shifted to Friday's UK GDP data.

•The preliminary reading of Britain's GDP on Friday is expected to show a contraction during the second quarter.

• At GMT 20:29, the pair was trading down 0.51 percent at 1.8968 after reaching daily low at 1.8930.

• Technicals are favouring bearish sentiment as RSI is at 31 and the pair is trading below 5,9 & 11-DMAs.

• Immediate resistance is located at 1.9077 (38.2% fib), any close above will push the pair towards 1.9145 (5 DMA),

• Support is seen at 1.8931 (38.2% fib) and break below could take the pair towards 1.8858 (April 13th low).

Recommendation: Good to sell around 1.9000, with stop loss of 1.9100 and target price of 1.8900.

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