Chart Of The Day: GBP/NZD
Blake Morrow | Aug 12, 2020 04:53PM ET
GBP/NZD has had a significant rally from the lows near the 1.9000 level, reaching almost the 2.0000 level today (high of 1.9967) after putting in a double bottom last month. The reason why this is important today is the rejection of the 200 dma.
If you have been watching the underperformance of the GBP (especially against the USD this week), it may give you a clue to what may happen here. With the very "dovish RBNZ" rate decision yesterday, the NZD still fared better than may of its peers. A possible reversal back to the 1.9400 level 50 dma may be in the works.
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