[Video] GBP/NZD: A Multi-Week Top Could Be In
Matt Simpson October 4, 2019 6:25 AM
With an average multi-week swing of around 1,900 pips and a potential top in place, we’re looking for bears to take back control.
GBP/NZD has essentially oscillated in a wide, sideways range since last October and price action has provided well defined swings. And they’re not small swings either, coming in at an average of around 1900 pips.
We think the top is in and now waiting for bearish momentum to extend to its downside. The New Zealand dollar has traded broadly higher these past three sessions and the British pound remains under pressure from the usual Brexit shenanigans. Under the current environment, it could well send GBP/NZD markedly lower.
Next week sees Mark Carney speak on Tuesday, and a slew of data including industrial and manufacturing production, along with trade balance and monthly GDP. For New Zealand data is mostly quiet until Thursday when their Business PMI and electronic card retail sales is released.
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