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Forex Market: GBP/NZD daily forecast

During yesterday’s trading session GBP/NZD traded within the range of 1.9635-1.9708 and closed at 1.9680.

At 6:33 GMT today GBP/NZD was losing 0.15% for the day to trade at 1.9660. The pair touched a daily low at 1.9654 at 2:50 GMT.

Fundamental view

The number of approved loans for house purchases in the country probably decreased to 41 375 in June from 41 757 in the preceding month. The British Bankers’ Association will release the official figure at 8:30 GMT.

The indicator is closely watched by traders and other market players as it can be seen as a gauge of the health of the British housing market. The indicator includes more than 50% of the total mortgage market in the UK.

In case, the number of approved mortgages falls less than expected, this would boost sterling’s demand.

In addition, also at 8:30 GMT Bank of England is to release the minutes of its policy meeting on July 10th. All nine members of the Monetary Policy Committee (MPC) probably voted unanimously in favor of keeping the benchmark interest rate and the monthly scale of stimulus unchanged. Upon the release of the minutes market volatility is usually high.

Technical view

Screenshot from 2014-07-23 09:36:21

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.9674. In case GBP/NZD manages to breach the first resistance level at 1.9714, it will probably continue up to test 1.9747. In case the second key resistance is broken, the pair will probably attempt to advance to 1.9787.

If GBP/NZD manages to breach the first key support at 1.9641, it will probably continue to slide and test 1.9601. With this second key support broken, the movement to the downside will probably continue to 1.9568.

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