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GBP/NZD hits 6-month lows, further weakness seen - short rallies
British Pound / New Zealand Dollar
Short
GBP/NZD hits 6-month lows, further weakness seen - short rallies
By FxWirePro
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Feb 18, 2016
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Feb 18, 2016
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
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