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GBP/NZD chart on Trading View used for analysis
- GBP/NZD is extending weakness for the 4th straight session, trades 0.08% lower on the day at 1.8618 at the time of writing.
- Pound depressed as Brexit headlines continue to point to a March exit with the current deal or no deal.
- Carney repeated BoE's warning about the risk that the UK is not prepared for such a scenario.
- Further, UK Consumer Confidence fell to 11 months low of -13 in Nov according to CFK, adding pressure on the Pound.
- Technical analysis supports bearish bias. Price action below cloud and major moving averages.
- The pair has slipped below and remains capped at 110-W EMA. Momemtum studies highly bearish.
- Decisive breach at major support at 1.8588 to see dip till 61.8% Fib at 1.8143.
Support levels - 1.8588 (trendline, weekly cloud base and 50% Fib), 1.8143 (61.8% Fib)
Resistance levels - 1.8721 (5-DMA), 1.9166 (110W EMA), 1.9395 (200-DMA)
Recommendation: Stay short on upticks, SL: 1.90, TP: 1.8588/ 1.8143
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
