FxWirePro: EUR/GBP extends bounce off 200-DMA support, focus on UK Retail Sales and Eurozone Consumer Confidence for impetus
FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(USDCHF and CADJPY) for the day
FxWirePro:GBP/NZD range to extend until there is game changing news
• GBP/NZD gained on Thursday as expectation Bank of England will raise interest rate soon boosted sterling across the board .
• Market currently price in more than 100 basis points (bps) in interest rate rises in 2022 and an 87% chance of a 25 bps increase in February.
• GBP/NZD remains bullish, only a break and daily close above 50%fib at 1.9870 will shift bias to the downside.
• Technicals are favouring bullish sentiment as RSI is at 72 and the pair is trading above 5,9 and 11-DMAs.
• Immediate resistance is located at 2. 0160 (23.6%fib ), any close above will push the pair towards 2.0239 (Higher BB).
• Strong support is seen at 2.0089 (5DMA) and break below could take the pair towards 2.0000 (Psychological level).
Recommendation: Good to buy around 2.0100, with stop loss of 2.0000, and target price of 2.0200,