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Sep 26 - 09:48 AM
GBP/NZD: Mounting Downside Risk Towards 1.9415 - TD
First appeared on eFXplus on Sep 26 - 08:27 AM

TD Research flags a a scope for GBP/NZD to extend lower towards 1.9415. TD also hold a short GBP/USD* position as its ToTW for this week targeting a move towards 1.2270.

"We see mounting downside risks to GBPNZD as we highlight above that sterling looks rather vulnerable against a wide swath of currencies.

If NZD is the worst-performing G10 currency since early August, GBP is the best over this same interval. The "double-top" YTD rejection of a "2" handle combined with a recently-overbought RSI adds technical merit to our fundamental views," TD notes. 

"We see a further decline to test support around 1.9415," TD adds. 

--

*Recorded in eFXplus Orders

Source:
TD Bank Research/Market Commentary

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