GBP/NZD: 1-hour
Check out this neat break-and-retest setup on GBP/NZD’s 1-hour forex chart! After breaking below support around the 2.0400 major psychological level, the pair dipped close to the 2.0000 handle before pulling back up. Price is now testing the broken support area, which lines up with the 50% Fibonacci retracement level and is holding as resistance. Stochastic is heading lower, which means that the pair could also move south from here. In that case, GBP/NZD could test its previous lows or even create new ones below the 2.0000 mark if sellers are strong enough.
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