FxWirePro:GBP/NZD unlikely to invite any further GBP strength,good to sell on rally

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FxWirePro:GBP/NZD unlikely to invite any further GBP strength,good to sell on rally

Wednesday, July 21, 2021 3:35 PM UTC

• GBP/NZD declined on Wednesday as Delta-variant angst weighed on pound versus New Zealand dollar .

•The pair reaches 1.9650 after extending south from 1.9724 (daily high). 1.9650 is the lowest level since 19th July.

• Technical signals show the pair could lose more ground in the short-term as RSI is at 46 bearish, daily momentum studies 5, 10 and 21 DMAs are trending down.

• Immediate resistance is located at 1.9710 (50%fib),any close above will push the pair towards 1.9744 (11DMA ).

• Immediate support is seen at 1.9641 (38.2% fib) and break below could take the pair towards 1.9545 (Lower BB )

Recommendation: Good to sell below 1.9670, with stop loss of 1.9750 and target price of 1.9600

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