GBP/NZD moves somehow sideways in the short term. It’s located at 1.9975 level and is fighting hard to stabilize within the buyers territory. Technically, it’s located above strong support levels, so an upside movement is favored.
The Pound is still bullish even if the UK Gfk Consumer Confidence was reported at -8 points below -7 points expected, while the Retail Sales dropped unexpectedly by 2.5% even if the specialists have expected a 0.2% growth.
GBP/NZD H4 Technical Analysis!
GBP/NZD maintains a bullish bias as long as it stays above the weekly R2 (1.9944) level and outside of the minor descending pitchfork’s body. It has found resistance at the 1.9990 daily pivot point and now it has slipped lower.
Technically, a new higher high, a valid breakout above the 2.0008 immediate high may signal an upside momentum.
The upside scenario could be invalidated if GBP/NZD drops and stabilizes under 1.9972 low. Staying with the descending pitchfork’s body may signal a strong drop towards 1.9800.
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