GBP/NZD shows a rejection near the 2.21279 resistance level (highlighted in red), indicating bearish momentum. The pair has broken a short-term upward rally, signaling potential trend reversal. Support & Resistance:
Resistance Zone: 2.2100–2.2130 (red rectangle), which aligns with the recent rejection. Support Levels (Take-Profit Zones): 1st Target: 2.1463 2nd Target: 2.1184 3rd Target: 2.0547 (Key support on the chart).
Fundamental Analysis:
GBP Sentiment:
The UK economy faces challenges such as high inflation and uncertain growth amid the Bank of England's cautious stance on rate hikes. Recent data may show stagnation in the UK, which weakens the GBP. NZD Sentiment:
The Reserve Bank of New Zealand (RBNZ) has paused interest rate hikes but retains a relatively hawkish tone compared to other central banks. Improved commodity exports (dairy and agriculture) strengthen the NZD.
Key Factors to Watch:
UK economic data: Inflation, GDP, and labor market conditions. New Zealand’s trade balance and commodity prices. Risk sentiment: A risk-off environment typically supports the NZD over GBP. Trade Summary: Trade Direction: Sell Entry Level: Current price (~2.19175)
This setup combines technical rejection at resistance with bearish GBP fundamentals and resilient NZD support. Keep an eye on macroeconomic events for confirmation
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