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FxWirePro:GBP/NZD eyes key resistance after rallying off from 2.1015 level

Tuesday, April 30, 2024 10:33 PM UTC

• GBP/ NZD strengthened on Tuesday as soured risk, falling commodities and equities prices weighed on kiwi dollar.

• Crude prices dropped on easing geopolitical tensions as Israel-Hamas peace talks moved forward and U.S. data showed healthy crude output and exports.

• GBP/ NZD gains near 23.6%fib,consolidation likely to continue while market seeks fresh factors.

• Technical highlight upside risks for GBP/ NZD, with momentum studies, 5, 10 and 21 DMAs tracking north.

• Immediate resistance is located at 2.1232 (23.6%fib), any close above will push the pair towards 2.1294 (Higher BB).

• Support is seen at 2.1056 (38.2%fib) and break below could take the pair towards 2.0910 (50%fib).

Recommendation: Good to buy around 2.1200, with stop loss of 2.1100 and target price of 2.1270

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FxWirePro:GBP/NZD eyes key resistance after rallying off from 2.1015 level

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