- GBP/NZD is consolidating breakout above major trendline resistance and triangle top at 1.8050.
- The pair remains capped at 23.6% Fib retrace of 2.5318 to 1.6704 fall at 1.58737.
- Technical indicators support upside in the pair. Break above eyes next major resistance at 1.9082 (100-DMA).
- Violation at 100-DMA could see extension of upside till 200-DMA at 1.9884.
- On the flipside, the pair is holding above 5-DMA at 1.8556, break below could see drag till 20-DMA at 1.8323.
Support levels - 1.8556 (5-DMA), 1.8372 (weekly 5-SMA), 1.8323 (20-DMA)
Resistance levels - 1.8737 (23.6% Fib), 1.8935 (trendline), 1.9082 (100-DMA), 1.9884 (200-DMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-GBP-NZD-extends-major-trendline-breakout-bias-higher-stay-long-901796) has hit TP1&2.
Recommendation: Bias higher, scope for test of 100-DMA at 1.9082. Book partial profits at highs, stay long for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at 42.5359 (Neutral), while Hourly NZD Spot Index was at -75.0791 (Neutral) at 0910 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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