GBP/NZD: Range hemming broadly within the 1.9277-1.9758 contours – DBS Bank

FXStreet Insights Team FXStreet

GBP/NZD’s advance from last December’s 1.8524 lows has been exhausted at a recent 2.0075 peak. Technical indicators flag a semblance of stability, which may see GBP/NZD ranging within a broad 1.9277-1.9758, Benjamin Wong, Strategist at DBS Bank, reports.

GBP/NZD does not exhibit any signs of larger than normal moves for now

“A quick glance at the MACD indicator shows the tilt rests towards buying dips, where there is liberal support in the 1.9277-1.9189 pane.”

“On the weekly Ichimoku charts, the technical indicator is showing a semblance of stability, akin to a similar setup that had transpired at the prior 1.8524 lows. Cloud analysis suggests range hemming, with 1.9758 and 1.9277 as outer boundaries as the cross hovering above the 200-day moving average (DMA) of 1.9454.”

“Within its larger time frame, GBP/NZD’s recent range lethargy can be explained that it is in the midst of finding a fresh bias.”

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