GBP/NZD: 4-hour
Aha! It looks like a neat retracement play is lining up for GBP/NZD! After breaking below support around the 2.0000 major psychological level, price dipped to the 1.9700 mark and bounced right back up. A correction to the 38.2% Fib, which lines up with the broken support zone, seems to be taking place before the pair resumes its drop to the previous lows or to new ones. Stochastic is already indicating overbought conditions, which suggests that pound bears are ready to push the pair back down. Make sure you set wide stops if you’re trading this volatile pair!
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