GBP/NZD - Bearish Bias

٣٠ أكتوبر ٢٠٢٣

GBP/NZD as of writing this currently trading at 2.07800. it's facing resistance at the 21-period moving average on Monthly timeframe signaling a possible resistance towards a downtrend.

On the 4-hour chart, we see a clear breakout and retest of a trendline, which often indicates a change in direction, suggesting a further drop in price. Our analysis indicates the target price of 1.20600 for the target 1 and further downwards towards the 1.9900, which aligns with the golden Fibonacci ratio of 61% on the monthly chart, strengthening its significance as a potential support level. In simple terms, we expect GBP/NZD to move downward in the near future."


*NOTE*
This is just my analysis, manage your risk according when you are trading

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