The New Zealand Dollar gained after the RBNZ raised interest rates to 1% form 0.75% in February.
On the 4-hour chart, GBP/NZD confirmed a close under a bearish Double Top I have been closely following since last week: https://www.dailyfx.com/forex/analyst_picks/todays_picks/daniel_dubrovsky/2022/02/17/British-Pound-Outlook-GBPNZD-Uptrend-Slows-as-Double-Top-Reversal-Formation-Brews.html
This may hint at reversing the uptrend from November, with immediate support as the 38.2% Fibonacci retracement at 1.9890.
Other levels below include 50%, 61.8% and 78.6% at 1.9691, 1.9492 and 1.9208 respectively.
Overturning the bearish projection entails a confirmatory close above the 2.0487 - 2.0535 resistance zone.
GBPNZD
On the 4-hour chart, GBP/NZD confirmed a close under a bearish Double Top I have been closely following since last week: https://www.dailyfx.com/forex/analyst_picks/todays_picks/daniel_dubrovsky/2022/02/17/British-Pound-Outlook-GBPNZD-Uptrend-Slows-as-Double-Top-Reversal-Formation-Brews.html
This may hint at reversing the uptrend from November, with immediate support as the 38.2% Fibonacci retracement at 1.9890.
Other levels below include 50%, 61.8% and 78.6% at 1.9691, 1.9492 and 1.9208 respectively.
Overturning the bearish projection entails a confirmatory close above the 2.0487 - 2.0535 resistance zone.
GBPNZD
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.