GBP/NZD Scales Higher, Reclaims 2.0800 Mark
Adding on to its two day of sharp gains, the GBP/NZD pair continues to move higher, erasing all of its last week's loss and now seems all set to close at 3-week high.
GBP/NZD benefiting from kiwi weakness
The
3-day sharp up-move in the GBP/NZD pair could primarily be attributed
to the ongoing corrective move witnessed in kiwi. The pair has managed
to recovery sharply from early week low level of 2.0357, marking its
lowest level since May 2015 and has now moved back above 2.0800 mark to
currently trade near high point of the day.
Technical levels to watch
The
ongoing momentum witnessed in the pair seems strong enough to lift it
towards 2.0900 mark, nearing 50% Fibonacci retracement level of its
down-leg from March high 2.1505 to this week low of 2.0357. A further
break-through this immediate resistance opens room for further near-term
recovery for the pair.
Meanwhile on the downside, 2.0800 round
figure mark, closely followed by 2.0750 level, might now act as
immediate support. Any weakness below these support levels is likely to
get bought into.
