Chart Of The Day: GBP/NZD
Blake Morrow | Jan 14, 2021 05:32PM ET
I wanted to discuss GBP/NZD for two reasons:
1) GBP/USD is dangerously close to breaking out above 1.3700, which could give GBP/NZD a tailwind.
2) With stocks at lofty levels, any turn lower in equities would be a tailwind for GBP/NZD bulls. GBP/NZD technically has a major multi-month downtrend line, which comes in around the 1.9100 level. Horizontal resistance is from 1.9100-1.9200. A break of this resistance could send the pair back to 1.9500, the 200-day moving average rather quickly.
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