The GBP/NZD chart shows a potential bullish reversal setup forming after a period of downward movement. Let's break down the key points:
Overall Context:
The broader trend appears to be bearish, as indicated by the descending highs and lows. However, the price action seems to be consolidating near a potential support zone, hinting at a possible reversal.
The...
Overall Trend
The GBP/JPY is currently in an uptrend on the higher timeframes. The weekly candle closed with bullish pressure, further reinforcing the bullish bias.
Key Levels and Price Action
Support: The 186.00 level is acting as a strong support zone. This is evident not only from the price action but also from the Relative Volume Profile (RVP), which...
