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FxWirePro: GBP/NZD heads deeper into bear territory, 50% fibonacci eyed

• GBP/NZD dipped on Monday as kiwi dollar remained firm against pound supported by the RBNZ’s  hawkish outlook.

• The Reserve Bank of New Zealand cut rates last week   and flagged that the easing cycle was likely over. Helped by some strong economic data  , markets see rates going higher and price in a hike by December 2026..

• On the data front,  Britain's services sector declined at the fastest pace in three years in the three months to November .

• Separately, the manufacturing PMI increased for the first time last month since September 2024, a survey showed.

• Immediate resistance is located at 2.3173(Nov 28th high), any close above will push the pair towards 2.3261 (SMA 20).

•  Immediate support is seen at 2.3061(50%fib) and break below could take the pair towards 2.2955 (Lower BB).

 Recommendation: Good to sell around 2.3080 with stop loss of 2.3150 and target price of 2.3020

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