Chapter 28 Is GBPNZD going down?
13/04/2023
Summary
GBP GDP negative result leads the market
Fundamental analysis
Fundamentally on this pair of GBPNZD, we have high-impact news data that has been released in the united kingdom GDP Estimate Industrial Output and this result will make the pound weaker on the other hand we do not have any high-impact news in Newzealand.
The U.K. Industrial Output
Previous -0.5%
Actual -0.2%
The U.K. GDP Estimate
Previous 0.4%
Actual 0.1%
Technical analysis
In this 1-hour diagram chart, the market price now is 1.98562, we expect the market to push the price up to the previous supply zone at 1.99800 as a pullback to the old demand zone which after the break out changed to the supply zone and we expect the price to turn down to the previous supply zone at 1.98400 and do break the zone to the oldest supply zone at 1.97500 with the 20- moving average point down.
Trading Recommendation
Trading Direction: Short
Entry Price: 1.99680
Target Price: 1.97661
Stop Loss: 2.00711
