FxWirePro:GBP/NZD plunge on soft business activity data, UK budget woes

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FxWirePro:GBP/NZD plunge on soft business activity data, UK budget woes

Friday, September 23, 2022 10:44 PM UTC

• GBP/NZD slumped to 1.8866 on Friday as after Truss's finance minister Kwasi Kwarteng announced he was slashing taxes to try to drive economic growth..

• Friday also saw September's flash UK PMI readings come in sub-50, marking a contraction in activity, including in the services sector - the dominant segment of the UK economy.

• The pair currently is approaching resistance at 1.8850 (23.6% fib). A break below would unmask 1.8800 level in the short term..

• Technicals are favouring bearish sentiment as RSI is at 40 and the pair is trading below 5,10 & 11-DMAs.

• Immediate resistance is located at 1.8993 (38.2% fib), any close above will push the pair towards 1.9079 (Sep 8th high)

• Strong support is seen at 1.8850 (23.6% fib)and break below could take the pair towards 1.8805(Lower BB).

Recommendation: Good to sell around 1.8866, with stop loss of 1.8950 and target price of 1.8780

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