GBP/NZD in a rebound zone

GBP/NZD in a rebound zone

GBP/NZD has been showing a strong weakness since last week and currently it’s challenging a demand zone between the 1.8887 and 1.8724 levels. There is also a bearish crossover of the moving averages underway and it could be adding fuel to the possibility of another leg lower towards the 78.6% Fibo zone at 1.8576. However, if it makes a rebound at the current stage, then it can go higher towards the -23.6% at 1.9685.

RSI indicator is in the neutral territory, calling for a sideways consolidation.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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