A slow down? After three days of going up, GBP/NZD is flat today, hovering around 2.0139.
Live - Updated 72 minutes ago.Currently light red, GBP/NZD down to 2.0139 after ranging between 2.0146 and 2.0133 today.
On the flip side, United Kingdom Composite PMI published today at 9:30 AM came out at 53.4, falling short of the 55 projections and continuing its decline from the previous 53.6 figure. United Kingdom Manufacturing PMI published today at 9:30 AM came out at 56.9, falling short of the 57.7 projections and continuing its decline from the previous 57.9 figure. United Kingdom Services PMI published today at 9:30 AM came out at 53.3, falling short of the 53.9 projections and continuing its decline from the previous 53.6 figure.
In terms of trend indicators, we can see that medium-term trend indication has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line crosses below the MACD signal line. At 2.0152, GBP/NZD made an initial breakout below the 3 day Simple Moving Average, an indication of a negative trend. Asset volatility analysis shows that GBP/NZD's upper Bollinger band at 2.0251, indicating a further downward move might be next. On the other hand, note that GBP/NZD might start to recover soon because it is getting close to its support line— now only 175 pips away at 1.9963. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for GBP/NZD.
In the meantime, negative performances are also seen in other symbols, EUR/AUD broke through the 1.5851 resistance.
Positive performances can be seen by looking at other symbols as EUR/NZD traded above the significant 1.69 level for the first time in 5 months and a half.
At the same time, following four days of losses, USD/SGD is now flat at 1.3464.
The market will be looking for upcoming data regarding New Zealand Balance of Trade is projected to outperform its last figure with -700,000,%. It previously stood at -864,000,%; data will be released tomorrow at 9:45 PM. United Kingdom CBI Industrial Trends Orders (Jan) expected to decline to 22, while its preceding data was 24, data will be available tomorrow at 11:00 AM.
GBP/NZD has increased 2.06% this year. A study of GBP/NZD's past performance indicates that it is currently on an uptrend that started around 2 months ago.
