HomeContributorsTechnical AnalysisGBP/NZD 1H Chart: Short-Term Advance Expected

GBP/NZD 1H Chart: Short-Term Advance Expected

The GBP/NZD exchange rate continued to trade downwards guided by the descending trend line. The rate has already declined below 1.9400.

It is likely that the currency pair could gain support from the 55– and 100-hour moving averages near 1.9300 and. Thus, some upside potential could prevail in the market, and the pair could re-test the given trend line circa 1.9900.

If the predetermined line holds, it is likely that a reversal south could follow. Otherwise, it is likely that the rate could target the Fibo 23.60% at 2.0310.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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