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