GBP/NZD Forecast Fundamental Analysis | British Pound / New Zealand Dollar

UK Mortgage Approvals for July are predicted at 78.60K. Forex traders can compare this to UK Mortgage Approvals for June, reported at 81.34K. UK Net Consumer Credit for July is predicted at £0.441B, and Net Mortgage Lending is predicted at £3.100B. Forex traders can compare this to UK Net Consumer Credit for June, reported at £0.308B, and Net Mortgage Lending reported at £17.870B.


The forecast for the GBP/NZD started to turn bullish after price action corrected into support and bounced higher. While the Tenkan-sen and the Kijun-sen point lower, suggesting more short-term selling pressure and increased volatility ahead, the Ichimoku Kinko Hyo Cloud maintains its bullish trend. The CCI reached extreme oversold territory, but traders should wait for a breakout before committing to larger buy orders.


GBP/NZD Forecast Fundamental Analysis | British Pound / New Zealand Dollar


Should price action for the GBP/NZD remain inside the or breakout above the 1.9515 to 1.9600 zone the following trade set-up is recommended:

  • Timeframe: D1       
  • Recommendation: Long Position
  • Entry Level: Long Position @ 1.9550
  • Take Profit Zone: 1.9795 – 1.9855
  • Stop Loss Level: 1.9465


Should price action for the GBP/NZD breakdown below 1.9515 the following trade set-up is recommended:

  • Timeframe: D1       
  • Recommendation: Short Position
  • Entry Level: Short Position @ 1.9465
  • Take Profit Zone: 1.9175 – 1.9255
  • Stop Loss Level: 1.9515
Share


Related articles
NZD/USD | New Zealand Dollar to US Dollar Trading Analysis
NZD/USD | New Zealand Dollar to US Dollar Trading Analysis
The NZD/USD is consolidating near 0.7000 on Monday holding on to gains made on Friday.
GBP/CAD | British Pound to Canadian Dollar Trading Analysis
GBP/CAD | British Pound to Canadian Dollar Trading Analysis
Risk aversion has caused the pound to suffer. However, according to MUFG economists, the pound will be bolstered by the Bank of England's willingness to continue its plans to roll back policy measures next year.