Ascending Trend Ended in GBPNZD



Expectations that the Bank of England (BoE) will start monetary tightening sooner than expected created a limiting effect on the pair. On the other side of the pair. Effects of the Reserve Bank of New Zealand’s (RBNZ) raising rates by 25 basis points after 7 years and signaling further tightening in the coming months, continue. Under these circumstances, the pair ended the ascending trend and downward movements are likely to gain momentum below 1.9250 indicated by Fibonacci 61.8 percent expansion line. For this reason, 1.9130 and 1.9070 supports will be on our radar. On the other hand, 1.9325 will be a significant resistance for raises above 1.9250.