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FxWirePro:GBP/NZD poised at critical support, looking vulnerable

Thursday, June 16, 2022 12:14 AM UTC

• GBP/NZD initially gained on Wednesday but gave up ground as investors awaited BoE meeting on Thursday .

• Bank of England (BoE) likely to raise interest rates again on Thursday to tighten policy this year to tame inflation without further hurting the economy. BoE is set to raise its Bank rate on Thursday to 1.25% from 1.0%.

• Technical are bearish, daily RSI is negative at 48, daily momentum studies 9 and 10 DMAs are trending down.

• Immediate resistance is located at 1.9361 (5DMA), any close above will push the pair towards 1.9546(38.2%fib).

• Immediate support is seen at 1.9295 (23.6%fib ) and break below could take the pair towards 1.9155(Lower BB).

Recommendation: Good to sell around 1.9320, with stop loss of 1.9500 and target price of 1.9240.

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FxWirePro:GBP/NZD poised at critical support, looking vulnerable

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