Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/NZD pulls back slightly , bullish bias persists.

GBP/NZD initially rallied but pared gains as investors digested closely watched U.S. June employment report showed job growth came in far below expectations.

• U.S. employers added 57,000 jobs in June, well below the expected 110,000, while the unemployment rate edged down to 4.2% from 4.3%.

• Markets lowered expectations for a Federal Reserve rate hike, with the probability of a September increase falling to 53% from 67% after the report..

Bank of England policymaker Catherine Mann said she is prepared to support a rate hike if rising inflation expectations threaten the return of inflation to the 2% target.

• Immediate resistance is located at 2.3488(23.6%fib), any close above will push the pair towards 2.3555(Higher BB).

• Immediate support is seen at 2.3290(38.2%fib) and break below could take the pair towards 2.3207(SMA20).

Recommendation: Good to buy around 2.3410  with stop loss of 2.3350  and target price of 2.3540

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.