FxWirePro:GBP/NZD regains upwards momentum but unable to hold above 14-DMA

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FxWirePro:GBP/NZD regains upwards momentum but unable to hold above 14-DMA

Tuesday, August 9, 2022 6:19 PM UTC

• GBP/NZD initially gained on Tuesday but gave up ground as investors eyed U.S. inflation data due on Wednesday .

• Wednesday's highly anticipated July U.S. CPI report, could put shorts in danger.

• At GMT 18:11, the pair was trading up 0.20 percent at 1.9244 after reaching daily high at 1.9295.

• Technical are bearish, daily RSI is negative at 46, daily momentum studies 11and 14 DMAs are trending down.

• Immediate resistance is located at 1.9239(14DMA), any close above will push the pair towards 1.9408(38.2%fib)

• Immediate support is seen at 1.9192 (23.6%fib ) and break below could take the pair towards 1.9149 (Lower BB).

Recommendation: Good to sell around 1.9250, with stop loss of 1.9350 and target price of 1.9190.

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