FxWirePro:GBP/NZD losses momentum but outlook is bullish

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FxWirePro:GBP/NZD losses momentum but outlook is bullish

Tuesday, March 21, 2023 10:01 PM UTC

• GBP/NZD retreated from daily high on Tuesday as the pair rise faded as investors awaited UK inflation data and the BoE interest rate decision.

• Markets await the February UK inflation data due Wednesday ahead of the Bank of England's monetary policy decision on Thursday..

• Choppy overnight action leads to a short lived dip but, buyers emerged near 1.9721, pair nears the 23.6% fib.

• Technical signals are bullish as RSI is at 62, daily momentum studies 5, 9 and 10 DMAs are trending north.

• Immediate resistance is located at 1.9757 (23.6% fib), any close above will push the pair towards 1.9830(Higher BB).

• Strong support is seen at 1.9619 (5DMA) and break below could take the pair towards 1.9601(38.2% fib).

Recommendation: Good to buy on dips around 1.9700, with stop loss of 1.9610 and target price of 1.9800.

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