FxWirePro:GBP/NZD loses momentum but outlook is bullish
• GBP/ NZD trickled lower on Thursday as Brexit and coronavirus fears added to negative mood.
• Fears of a second wave of infections in Britain, already the hardest-hit European country, have capped the pound’s advance against New Zealand dollar.
• The pair failed to breach resistance at 1.9857 ( 23.6% fib) and dipped towards 1.9726 level . Retracements shallow hint bulls in control, 1.9800 is next focus for the pair
•Technical signals are bullish as RSI is at 68, moving averages are pointing north.
• Immediate resistance is located at 1.9857 ( 23.6% fib), any close above will push the pair towards 1.9990(200 DMA).
• Immediate support is seen at 1.9699 (38.2% fib) and break below could take the pair towards 1.9604 (9 DMA).
• Recommendation: Good buy around 1.9700 with stop loss of 1.9600 and target price of 1.9850