GBPNZD GAINS MOMENTUM TO THE UPSIDE
The GBP/NZD has dropped further since reaching a high of 2.032 and is currently well below the 2.000 mark where the pair ended on Tuesday.
Despite the Bank of England's constant interest rate hikes, the annual inflation rate in the United Kingdom increased from 9.9% to 10.1% in September.
In September, New Zealand's inflation rate fell marginally to 7.2% from 7.2% the previous quarter.
Technically speaking, the GBPNZD has been extremely bullish since the beginning of October. The pair has been making higher highs on the 4hr period, and it is currently retesting previously broken structure.
A break below 1.953 will confirm bears are in control hence invalidating the setup.
Despite the Bank of England's constant interest rate hikes, the annual inflation rate in the United Kingdom increased from 9.9% to 10.1% in September.
In September, New Zealand's inflation rate fell marginally to 7.2% from 7.2% the previous quarter.
Technically speaking, the GBPNZD has been extremely bullish since the beginning of October. The pair has been making higher highs on the 4hr period, and it is currently retesting previously broken structure.
A break below 1.953 will confirm bears are in control hence invalidating the setup.