Bearish forecast on Pound/Kiwi
Guys it has been a while, today we came out to you with our Bearish idea on GBPNZD.
Pound has been trading low since Jul 2006, where I noticed falling resistance above the troughs/swings, view on W1.
We have major resistance level daily, and weekly around 2.03166, and it has been tested on 17th Oct 2022.
It bounced to weekly low...
What are our targets for the GBP/JPY? This might all depend on Central bank intervention.
Last week the BoJ briefly intervened and now there is speculation that the BoE will follow through with similar measures to help prop up the pound, which has cratered in the past two days in response to the dismal economic outlook of the UK and new tax cuts from the government.