GBPNZD chart analysis and expectations
GBP/NZD is currently at a very strong resistance zone between 2.09700 and 2.1000. At the same time, it's a rebound zone with a 61% Fibonacci level from the highest peak to the latest low. It has attempted to break through several times but hasn't succeeded so far. I expect it not to break this zone and to descend again to the support zones below at 2.06400 and 2.0900. At that point, it will likely form a double top pattern with a neckline at 2.03708, targeting 1.98200.
However, if it breaks the resistance zone and holds above it, it will activate an inverted head and shoulders pattern with the neckline at the same resistance zone, targeting 2.18700.
Currently, from the current price, selling is possible with a daily stop loss above 2.1000 for the following targets: 2.0900, 2.0400. If it stays below (2.03708), the final target will be 1.98200."
However, if it breaks the resistance zone and holds above it, it will activate an inverted head and shoulders pattern with the neckline at the same resistance zone, targeting 2.18700.
Currently, from the current price, selling is possible with a daily stop loss above 2.1000 for the following targets: 2.0900, 2.0400. If it stays below (2.03708), the final target will be 1.98200."
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