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Gbpnzdsell

GBPNZD Daily Analysis – Bearish Setup in PlayGBPNZD pair is setting up for a potential bearish continuation as technical patterns and macroeconomic context align. With key central bank events on the horizon this week—including the Bank of England rate decision and New Zealand's employment data—volatility is expected. Traders should be cautious yet prepared, as current price action suggests a possible breakdown in the days ahead. 🔍 Chart Structure & Key Observations Rising Wedge Breakdowns (Bearish Patterns): Multiple rising wedges broke to the downside, which is a bearish signal. These breakdowns were followed by lower highs — indicating bearish momentum is strengthening. Current Price Action: Price is currently sitting at 2.2245, just above the 78.6% Fibonacci retracement level (2.2039). A support test is occurring here. If it breaks, expect acceleration in downside momentum. Bearish Flag/Pennant Setup: Recent price action appears to be forming a bearish continuation pattern (flag or descending channel). The blue arrow indicates a potential bearish breakout continuation after a short-term pullback (retest). Fibonacci Retracement & Key Support Zones: Fib levels and horizontal support coincide at multiple critical zones: 2.2039–2.2002: Minor support. 2.1818–2.1685: Strong confluence of 100% Fib level and horizontal demand zone. 2.1515–2.1509: Next major support (prior structure level). 2.0981: Projected extension target (141.4% Fib), a potential final target if the breakdown continues. Trade Plan (as per the chart): Entry: Bearish confirmation after a retest around 2.23–2.24 zone. Stop: Just above the recent highs or above 2.25. Targets: TP1: 2.2002 TP2: 2.1810 TP3: 2.1510 Final TP: 2.0980 🧠 Fundamental Context to Watch Considering the NZD and GBP sensitivity to central bank policy: NZD: Watch RBNZ’s Financial Stability Report and employment data (due this week) GBP: Bank of England rate decision and inflation letter also due this week USD & global risk appetite could influence sentiment, as Powell and Trump tensions gro
Short
by ultreosforex
GBPNZD Maintains Bearish Momentum - Is 2.23800 the Next Target?OANDA:GBPNZD is trading within a well-defined descending channel, with price action respecting both the upper and lower boundaries. The price has broken below a key support zone and has now pulled back for a potential retest. This level previously acted as support and may now turn into resistance, aligning with a bearish continuation. If sellers confirm resistance at this zone, the price is likely to move downward toward the 2.23800 target, which aligns with the lower boundary of the channel. However, a breakout above the resistance zone would invalidate the bearish scenario and could open the door for a stronger bullish reversal. Remember, always confirm your setups and trade with solid risk management. Best of luck!
Short
by TrendDiva
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