FxWirePro:GBP/NZD extends drop, faces 50%fib support

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FxWirePro :GBP/NZD downtrend loses steam but outlook still bearish

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FxWirePro:GBP/NZD extends drop, faces 50%fib support

Friday, June 24, 2022 5:57 PM UTC

• GBP/NZD declined on Friday as commodity-linked currencies like kiwi got boosted from higher oil price.

• Oil price rose by more than 2% on Friday supported by tight supply. Crude has gained support from the almost total shutdown of output in OPEC member Libya due to unrest.

• GBP/NZD in danger of crashing under major fibo support, clear break of 1.9389(50%fib) opens up 1.9300 level.

•GBP/NZD bulls must regain above 38.2%fib resistance to stem the bearish tide and a rise above the (23rd June high) at 1.9585 to regain momentum.

• Immediate resistance is located at 1.9549 (38.2%fib), any close above will push the pair towards 1.9585 (23rd June high ).

• Immediate support is seen at 1.9389(50%fib) and break below could take the pair towards 1.9353 (21DMA).

Recommendation: Good to sell round 1.9420, with stop loss of 1.9530 and target price of 1.9340

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