Watch for a breakout from consolidation
GBPNZD has been rangebound in a tight consolidation right above the Daily 200 SMA since the beginning of the month and is starting to look like it is ready to break out. In the event of a bullish break, the first target would be where the Weekly R2 meets the Daily 100 SMA @ 1.963. Support then becomes the Weekly Pivot at the center of the range. If for any reason we end up seeing a break to the downside, the target would be the Monthly S1 @ 1.929
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