GBPNZD faces resistance at 2.175,good to sell on rallies
Major resistance- 2.17532
GBP/NZD has retreated after making a high of 2.175 on account of better than expected New Zealand trade surplus .
New Zealand posted a trade surplus of $292 million in Apr, more than the $60 million expected driven by lower NZD and higher import volumes.
GBP/NZD has declined till 2.15958 and slightly recovered from that level. Short term trend is slightly weak as long as support 2.1760 holds.
Any break above 2.1760 will take the pair till 2.1796/2.1856.The minor resistance is around 2.169 (61.8% retracement of 2.1751 and 2.1595).
On the lower side major support is around 2.1590 and break below targets 2.1490/2.4150.
It is good to sell on rallies around 2.170 with SL around 2.1760 for the TP of 2.1600
GBP/NZD has retreated after making a high of 2.175 on account of better than expected New Zealand trade surplus .
New Zealand posted a trade surplus of $292 million in Apr, more than the $60 million expected driven by lower NZD and higher import volumes.
GBP/NZD has declined till 2.15958 and slightly recovered from that level. Short term trend is slightly weak as long as support 2.1760 holds.
Any break above 2.1760 will take the pair till 2.1796/2.1856.The minor resistance is around 2.169 (61.8% retracement of 2.1751 and 2.1595).
On the lower side major support is around 2.1590 and break below targets 2.1490/2.4150.
It is good to sell on rallies around 2.170 with SL around 2.1760 for the TP of 2.1600