GBPNZD Analysis
📍GBPNZD is moving in an uptrend by forming higher highs and higher lows in the 4-hour timeframe chart.
📍Now the market is falling from the higher high (top) level of the uptrend line.
GBPNZD Update
GBPNZD is trying to break the higher high area of the uptrend line – NZD has got weaker more than GBP which leads to the SL price. As per the Correlation strategy, NZDUSD has broken the low level of the descending channel after a long time due to the weakening of New Zealand Dollar.
UK pound: UK PM Johnson anytime resignation is possible
The Position of UK PM Boris Johnson is questionable anytime resignation is feared surrounding UK Pound.
And also FOMC meeting dragged down the UK Pound to 1% lower after the meeting was released.
US 2-year rate jumped to 13 basis points at 1.17%, and 10-year rates ten basis points higher makes Higher selling in Bonds buyers shown.
Today US GDP data will further drive the GBPUSD, and UK Pound moves lower as Political uncertainties happen in the UK.
New Zealand Dollar: NZ CPI beat expectations
New Zealand CPI (Q0Q) 4Q came at 1.4% versus 1.3% expected, and New Zealand Dollar unfazed by data published.
And FOMC meeting Today made more impact on NZDUSD to tumbled to 0.50% down as FED Powell stated Comment on rate hikes started in March Month onwards.
We See the inflation picked up higher in the Second Half of 2022 due to the Supply chain mismatch issue; once Supply and Demand are compensated, inflation data brings down.
Omicron Variant paces the economy very high in the First Half of 2022, and Vaccinations is the only tool to control Spread.
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