A downtrend line has guided the Pound Sterling movement against the New Zealand Dollar. The currency pair made a U-turn south after hitting the upper border of the trendline on July 13.
During the past few days, a resistance cluster formed by the combination of the 50-and 100-hour SMAs and the weekly pivot point at 1.9297 has provided a steep resistance for the pair.
Everything being equal, it is likely that the GBP/NZD currency exchange rate continue moving down during the following trading session for a potential target near the weekly S1 at the 1.9140 mark.
