Is GBP/NZD on the verge of a big move?
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by Abi Moses on 22nd November, 2016
While the GBP and NZD are thought to be in turbulent times the spread betting community could really make use of the next movements to come, with both currencies allegedly set for a big breakout.The GBP has received a great deal of support in recent days, with the Bank of England dropping its dovish bias and the kiwi lower following the Reserve Bank of New Zealand spoke of cuts fed from the strength of its currency.
According to reports GBP/NZD has returned back from its recent lows to trade between the pivotal technical area of 0.77 and 0.78, with today vital in determining the direction foe the next few days/weeks.
City Index concludes:
'So there you have it: two clear scenarios, with some objectives to watch. But right now, the GBP/NZD is trading in no man’s land, so to speak. Conservative traders may therefore wish to wait for price to make its move and then trade in the direction of the break without forgetting their usual entry criteria, and more importantly risk and money management duties.'
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