GBPNZD - Bullish price action
GBP fell against all the majors after the disappointing retail sales figures.
It fell even harder against NZD after RBNZ interest rate decision, which brought the price back to very interesting levels.
Price stalled at the old trend line support and have bounced back since, breaking the initial resistance of 2.3400 as marked on the chart.
This confirms that the buyers are back in control and price is heading back to the higher levels.
Please note that nothing has changed fundamentally, RBNZ is still very dovish and more rate cuts were hinted. BOE is hawkish about raising interest rates in future and market will be pricing all that in.
It fell even harder against NZD after RBNZ interest rate decision, which brought the price back to very interesting levels.
Price stalled at the old trend line support and have bounced back since, breaking the initial resistance of 2.3400 as marked on the chart.
This confirms that the buyers are back in control and price is heading back to the higher levels.
Please note that nothing has changed fundamentally, RBNZ is still very dovish and more rate cuts were hinted. BOE is hawkish about raising interest rates in future and market will be pricing all that in.
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