GBP/NZD Price Analysis: Bears lining up for a downside continuation
|- GBP/NZD is gearing up across the time frames and offers a synchronised downside bias.
- The bulls are testing critical resistance where failures are expected to confirm next bearish leg.
The cross has been stalling at daily support while the market takes on the monthly and weekly resistance.
The following is a top-down analysis that illustrates how the time frames are synchronising in a bearish formation with some development still to do on the daily chart.
Monthly chart
Bulls are testing the commitments of the bears at critical resistance. Failures to get back above will open prospects for downside opportunities.
Weekly chart
Again, the bulls are testing critical resistance on the seen here on the weekly chart as well.
Daily chart
A decide break lower that would be expected to be followed by a restest of the structure will provide a downside opportunity at an optimal entry point.
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