GBP/NZD moves sideways in the short term. It remains to see how it will react later after the pair has reached a support zone. Technically, a rebound is favored after registering an amazing sell-off. Fundamentally, the Monetary Policy Report Hearings could bring sharp movements on the British Pound.
Still, we need confirmation that the GBP/NZD pair will turn to the upside. A bullish pattern around the current levels could bring new long opportunities. Being in a support zone, we could search for bullish signals.
GBP/NZD Technical Analysis!
GBP/NZD is pressuring the downtrend line. Personally, I’ve drawn an ascending pitchfork hoping that I’ll catch a new swing higher. Making a valid breakout through the downtrend line could signal potential growth.
Technically, it could increase as long as it stays above the ascending channel’s lower median line. This line is seen as a dynamic support. Also, 1.9329 level stands as a static support.
An upside movement could be activated by a valid breakout through the weekly pivot point (1.9463). The median line of the ascending pitchfork is seen as a potential target.
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