FxWirePro:GBP/NZD attracts selling interest, could be on verge of a bigger drop

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FxWirePro:GBP/NZD attracts selling interest, could be on verge of a bigger drop

Monday, January 23, 2023 9:46 PM UTC

• GBP/NZD declined on Monday as improving risk appetite and higher commodity prices boosted Kiwi dollar.

• Investors are waiting for New Zealand inflation data on Wednesday , which are expected to show Consumer inflation slowed slightly to 7.1% from 7.2% last quarter.

•The pair is approaching 38.2% fib support, a daily close below will accelerate down side towards 1.8900 level.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 46.

• Immediate resistance is located at 1.9133 (9 DMA), any close above will push the pair towards 1.9246 ( 50 % fib).

• Immediate support is seen at 1.9006(38.2% fib ) and break below could take the pair towards 1.8904 (Lower BB).

Recommendation: Good to sell around 1.9070, with stop loss of 1.9150 and target price of 1.8960.

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