Wednesday, March 18, 2015

GBP, NZD misbehaving this week

The GBP and NZD have misbehaved this week, showing some significant weakness in most pairs. Today, diary prices fell 8.8%, so this would partly help explain NZD weakness. But there's been no news on the GBP, so it just looks like profit taking to me. A few major GBP news events come out tomorrow. Good news should restore some GBP strength. 

EURGBP and GBPCHF are at important S/R levels, which should hold over the next 24 hours. I don't see anyone being brave enough to break these levels just before major news. This may be a good time to open GBP longs at a cheap price. 

(click to enlarge)



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