GBPNZD Analysis
GBPNZD is rebounding from the higher low area of the Ascending channel
GBPNZD Update
GBPNZD is consolidating at the higher low area, which leads to the SL price. However, GBPCHF still have chances to rebound from the higher low area.
Reason: Due to the release of more economic news mentioned below, the market is not making technical movements at this time.
Why NZD is Stronger
Recent RBNZ Rate Hikes Support NZD – The Reserve Bank of New Zealand has raised its policy rate twice, bringing it to 2.75%.
December Rate Outlook Supports NZD – The RBNZ’s forecast points to another rate increase in December.
Why GBP is Weaker
Slower UK Growth Weighs on GBP – September’s UK composite PMI missed expectations as services activity slowed.
BoE Rate Expectations May Ease – Weaker growth could lead investors to reduce expectations for future rate hikes.
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