Among the GBP crosses, GBPNZD has a potential to generate higher returns. The 2017 NZ general election (Sep 23) is the risk event to our view.
We initiated our buying stance at 1.7940 a week ago. From our buying level, it has moved 300 pips till date. We still believe the upside risk remains in the medium-term perspective.
Last week’s retracement re-tested the earlier breakout, will aim at 1.8500. Until the cross holds the 1.7650 bullish view remains.
It has re-tested the earlier breakout level twice. Support base finds at between 1.7920-1.7900.
Supports moved to 1.8100, 1.8000 and 1.7900.
Weekly range: 1.8340 (61.8% May-June fall)-1.7900
Monthly range: 1.8500-1.7700
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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