• 日. 10月 17th, 2021

    TRADEVIEW MARKET-INSIDER

    Market news from tradeview.tech

    Daily London Session Watchlist: GBP/NZD

    ByRealtrade.news

    7月 19, 2020


    There’s not much in the way of top-tier catalysts in the London trading session other than an upcoming speech by BOE head Bailey.

    Will he hint at further rate cuts or additional easing down the line? Or perhaps caution about Brexit uncertainties?

    If so, GBP/NZD could slide from current resistance levels in the next few hours. But before we look at the setup, here’s a rundown of what happened in the previous session:

    Currency Snapshot

    Major Forex Pairs Price Performance from MarketMilk

    Fresh Market Headlines & Economic Data:

    Upcoming Potential Catalysts on the Economic Calendar:

    • Eurozone final CPI readings at 10:00 am GMT
    • BOE Governor Bailey’s speech at 11:00 am GMT

    What to Watch: GBP/NZD

    GBP/NZD 1-hour Forex Chart
    GBP/NZD 1-hour Forex Chart

    This currency pair is cruising inside a descending channel on its short-term chart and is already bouncing off the top.

    If this carries on, GBP/NZD could tumble to the bottom of the descending channel around the 1.9100 major psychological mark.

    Volatility could pick up during the testimony of BOE Guv’nah Bailey at the virtual Citizens’ Panel Open Forum. Hints that the U.K. central bank is open to cutting rates further or adding to its asset purchases might mean more downside for sterling.

    Also, a pickup in risk-taking has been observed in the Asian session, so a continuation of this positive vibe throughout the day could be bullish for the higher-yielding Kiwi.

    Economic data from New Zealand has been stronger than expected, after all, as the Business NZ manufacturing index showed quite the improvement for the previous month.

    A return in risk aversion, on the other hand, could spur an upside break from the channel top around 1.9225 and a reversal from the short-term selloff.

    Technical indicators are giving mixed signals, with Stochastic moving south to indicate a return in selling pressure. Meanwhile, the 100 SMA is above the 200 SMA to suggest that resistance is more likely to break than to hold.

    Whichever direction you choose to play, just make sure you check out the average GBP/NZD volatility when you set entries and exits!



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