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GBPNZD – Ready to Bounce?
GBPNZD is one of the most volatile pairs in the forex market, and yesterday was no exception to that rule as it dropped nearly 400 points in one day. And yet the looks ready to bounce as it approaches key support at the 1.7200 level.
The trade in GBPNZD is really a bet on the bounce in cable as kiwi remains moribund with a slight negative bias in the market. Sterling, however, has absorbed 3 attempts to take it below 1.2100 level and so far has been able to withstand all the selling. Although the prospect of hard Brexit hangs over the currency, the ebbs of flows of negotiation have a long way to go, but any upside surprise in data could create a squeeze in cable over the next few days. As long as 1.7200 holds GBPNZD remains a buy.