Market news
20.11.2024, 15:48

GBP/NZD Price Forecast: Correction reaches support at 50-day SMA

  • GBP/NZD channels down during November and reaches support at the 50-day SMA. 
  • This could be a turning point for the pair and lead to a breakout and continuation of the trend higher. 

GBP/NZD has been correcting back in a mini channel during November after peaking at the October 30 high. It has now reached support at the 50-day Simple Moving Average (SMA) at 2.1446 and made a strong recovery, evidenced by the long green candlestick so far, on Wednesday. 

GBP/NZD Daily Chart 

If GBP/NZD keeps rallying and breaks above the upper channel line of the channel it will probably continue rising towards a target at 2.1900, just below the July 29 high. 

A break above 2.1675 – the November 15 high – would probably confirm a breakout from the channel and follow-through towards the aforesaid upside target. 

 

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location