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GBPNZD Rests At Intermediate Support-Zone, Further Downside Expected

Nov 3 2017, 04:27 PM (+06) | Fxdailyinfo.com

 

Even if the Bank of England delivered it's much anticipated once in a decade rate-hike on Thursday, the central bank's inclination to remain calm before taking such measures again in future hurt the GBP traders' optimism. As a result, the British Pound plunged across the board and the GBPNZD, being no exception, broke the 1.9070-60 support-zone, which in-turn dragged the pair to fortnight low. Presently, the pair struggles around 1.8860-75 intermediate support-zone, break of which can fetch the quote to 1.8785 and then to the 1.8730 ahead of igniting the importance of 1.8690-85 resistance-turned-support. In case if the pair continue declining below 1.8685, an upward slanting TL, at 1.8570 now, becomes crucial, which if cleared can strengthen the Bears to flash 1.8500, the 1.8430 and the 1.8320 numbers on the chart.

Should the oversold RSI trigger price pullback from current levels, the 1.8950, the 1.9000 and the 1.9060-70 can come comeback. Though, pair's successful trading beyond 1.9070 may extend its recovery to 1.9145-50, the 1.9180, the 1.9260 and then to the 1.9300 consecutive resistances. Moreover, buyers' ability to conquer 1.9300 could help them challenge the October high around 1.9430.

Fxdailyinfo.com

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