GBP/NZD increases at the time of writing being located at 1.9558 versus 1.9532 today’s low. Still, the rebound could be only a temporary one after the last sell-off.
Technically, the pair has developed a reversal pattern, so it is expected to extend its decline. The price action signaled that GBP/NZD may approach and reach fresh new lows soon.
GBP/NZD H4 Technical Analysis!
First of all, the rate has printed a Double Top pattern right above 1.98 psychological level. As you can see, the rate has retested the upper median line (UML) validating the descending pitchfork.
Now it has dropped below 1.9588 static support and under the pitchfork’s sliding line (SL) announcing high pressure.
It has plunged below 1.9539 former low and under the weekly S1 (1.9552). Stabilizing below these levels confirms a further drop. The bias will be bearish as long as the price is traded within the down channel’s body.
Conclusion!
The current drop below 1.9588 activates the Double Top reversal pattern. Stabilizing below the former low validates more declines.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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