GBP/NZD hits 6-month lows, further weakness seen - short rallies
GBP/NZD extends declines below the cloud, hits half-yearly lows at 2.1446 before edging higher to trade at 2.1537.
The pair has been trading a falling wedge, has been rejected from wedge top resistance at 2.1997 and retraced from there.
Technicals show no respite from bears, we see scope for test of 2.1340 and then 2.10 levels. Downside has also been supported by higher volumes.
Immediate support and resistance are seen at 2.1430 (June 8th lows) and 2.1704 (Dec 31st highs).
Good to sell rallies around 2.1560, SL: 2.17, TP: 2.1430/2.1390
The pair has been trading a falling wedge, has been rejected from wedge top resistance at 2.1997 and retraced from there.
Technicals show no respite from bears, we see scope for test of 2.1340 and then 2.10 levels. Downside has also been supported by higher volumes.
Immediate support and resistance are seen at 2.1430 (June 8th lows) and 2.1704 (Dec 31st highs).
Good to sell rallies around 2.1560, SL: 2.17, TP: 2.1430/2.1390
