Forex Market: GBP/NZD daily forecast

During yesterday’s trading session GBP/NZD traded within the range of 1.9606-1.9670 and closed at 1.9668.

At 6:38 GMT today GBP/NZD was adding 0.08% for the day to trade at 1.9666. The pair touched a daily high at 1.9692 at 4:40 GMT, breaching the first key resistance.

Fundamental view

United Kingdom

The gauge of industrial orders in the United Kingdom probably climbed to a reading of 8 during the three months through July from 11 during the preceding period. This indicator reflects the net balance between companies, that registered an increase in industrial orders during the respective period of three months and those, that registered a drop.

It is the oldest indicator, released from the UK private sector, to show the development tendency in country’s industrial sector. The Confederation of British Industry (CBI) will announce the results of its survey, encompassing 17 industries, at 10:00 GMT.

In case, the industrial orders index fell less than expected, this will heighten the appeal of the pound.

Technical view

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.9648. In case GBP/NZD manages to breach the first resistance level at 1.9690, it will probably continue up to test 1.9712. In case the second key resistance is broken, the pair will probably attempt to advance to 1.9754.

If GBP/NZD manages to breach the first key support at 1.9626, it will probably continue to slide and test 1.9584. With this second key support broken, the movement to the downside will probably continue to 1.9562.