Mar. 3, 2021
GBP/NZD today at a glance – The GBP/NZD is trading steadily today, ranging between 1.9165 and 1.9108 and is now at 1.9156. United Kingdom Composite PMI is next. (Start trading GBP/NZD at FXTM today).
GBP/NZD technical analysis picture ahead of data: visual analysis of the GBP/NZD's price graph shows GBP/NZD is climbing away and is now 234 pips from the 1.8922 support line. In terms of trend indicators, we can see that at 1.9152, GBP/NZD made an initial breakout above the 21 day Simple Moving Average, an indication of a positive trend. On the other hand, note that the upper Bollinger band is at 1.9366, indicating a downward move might be next.
Overall, looking at the technical analysis landscape, it seems GBP/NZD might be pointing upward in the short term.
As the market gets ready for data release – SSE is trading around 3,562.8 after starting the session at 3,508.59 (up 1.55%). The HANG SENG INDEX gained 1.88%, currently at 29,643.31
Earlier data releases related to GBP/NZD – New Zealand Building Consents (MoM) (Jan) were released with a new figure of 2.1, This is down from preceding data of 5.1. Released yesterday at 3:20 PM, New Zealand's Retail Price Index showed an uptick, coming in at 15, up from the previous number of three.
GBP/NZD – United Kingdom Services PMI is projected to outperform last figure with 49.7 while it previously stood at 39.5, data will be released today at 9:30 AM. The United Kingdom Construction PMI is projected to outperform the last figure with 51, while it previously stood at 49.2, figure will be published tomorrow at 9:30 AM.
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