The GBP/NZD made a double top pattern… but the bulls seem ready to smash through the resistance and continue with the uptrend.
Price Charts and Technical Analysis
The GBP/NZD retested the 21 ema support zone after reaching the wizz 6 target. But price action made a clear bounce and retested the Wizz 6 zone again. Although the GN failed to break the resistance zone, the bulls are buying at higher support levels (purple line). This indicates that the buying pressure will probably overcome the resistance at the double top (green arrows), which also looks like an ascending wedge chart pattern.
The GBP/NZD remains bullish as long as price stays above the Wizz 5 support zone. In that case, a wave 4 (purple) still remains likely. But a break below the support makes the bullish outlook unlikely (red x), especially if price breaks below the 144 ema (2x red x).