19 Jul 2013
GBP/NZD snaking through a consolidation, 1.93198 level to conquer
FXstreet.com (Barcelona) - A heavy flow of mixed British data this week caused a period of indecision for GBP/NZD exchange rate, with the price currently exchanging hands at 1.9250.
Due to Bank of England moves (or lack thereof), employment data and inflation data, the volatile GBP/NZD cross has been forced into a trading range between 1.91364 and 1.94764.
GBP/NZD may have more downside ahead once current consolidation runs its course
Technical analysts are calling for a macro move down to 1.89336, but the short-term oscillations are less clear. Short-term support for GBP/NZD comes in at: S1 1.91869; S2 1.91396; and, S3 1.90788. Shortterm resistance comes in at: R1 1.93198; S2 1.93878; and, S3 1.94764.
Due to Bank of England moves (or lack thereof), employment data and inflation data, the volatile GBP/NZD cross has been forced into a trading range between 1.91364 and 1.94764.
GBP/NZD may have more downside ahead once current consolidation runs its course
Technical analysts are calling for a macro move down to 1.89336, but the short-term oscillations are less clear. Short-term support for GBP/NZD comes in at: S1 1.91869; S2 1.91396; and, S3 1.90788. Shortterm resistance comes in at: R1 1.93198; S2 1.93878; and, S3 1.94764.