GBP/NZD Double Top in Play as RBNZ Hikes Rates
The New Zealand Dollar gained after the RBNZ raised interest rates to 1% form 0.75% in February.
On the 4-hour chart, GBP/NZD confirmed a close under a bearish Double Top I have been closely following since last week: https://www.dailyfx.com/forex/analyst_picks/todays_picks/daniel_dubrovsky/2022/02/17/British-Pound-Outlook-GBPNZD-Uptrend-Slows-as-Double-Top-Reversal-Formation-Brews.html
This may hint at reversing the uptrend from November, with immediate support as the 38.2% Fibonacci retracement at 1.9890.
Other levels below include 50%, 61.8% and 78.6% at 1.9691, 1.9492 and 1.9208 respectively.
Overturning the bearish projection entails a confirmatory close above the 2.0487 - 2.0535 resistance zone.
GBPNZD
On the 4-hour chart, GBP/NZD confirmed a close under a bearish Double Top I have been closely following since last week: https://www.dailyfx.com/forex/analyst_picks/todays_picks/daniel_dubrovsky/2022/02/17/British-Pound-Outlook-GBPNZD-Uptrend-Slows-as-Double-Top-Reversal-Formation-Brews.html
This may hint at reversing the uptrend from November, with immediate support as the 38.2% Fibonacci retracement at 1.9890.
Other levels below include 50%, 61.8% and 78.6% at 1.9691, 1.9492 and 1.9208 respectively.
Overturning the bearish projection entails a confirmatory close above the 2.0487 - 2.0535 resistance zone.
GBPNZD
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