FxWirePro:GBP/NZD falls below 1.9450 as UK lockdown talk move back into focus

Posted at 08 December 2021 / Categories Market Roundups

• GBP/NZD declined on Wednesday    as news of potential COVID-related restrictions in UK weighed on Sterling.

• Imminent lockdown in ?UK to halt the spread of the Omicron variant dampened speculation about a rate hike at the December 16 MPC meeting.

• The pair dropped to test 1.9415 (50%fib ). A break under  50%fib would unmask 1.9300   level.

• Technical signals show bearish momentum   RSI is heading south,while moving averages 5,9.14 DMA’s are trending southwards.

• Immediate resistance is located at 1.9490 (30DMA ), any close above will push the pair towards 1.9531 (61.8%fib).

• Immediate support is seen at 1.9415 (50%fib ) and break below could take the pair towards 1.9300 (38.2% fib ).

Recommendation: Good to sell around 1.9450, with stop loss of 1.9570 and target price of 1.9380

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