GBP/NZD Price Analysis: Bulls looking for a retracement from key support
|- GBP/NZD has dropped to a key support area where bulls are lurking.
- Bulls will have the prior support structure in focus.
GBP/NZD is stalling at support and the focus is on the upside for the meanwhile to test prior support structure and the confluence of a 50% mean reversion.
The following illustrates bullish bias.
Daily chart
Bulls need to hold the support of 1.9660/70 at this juncture.
Hourly chart
From a lower time frame, such as the 1-hour chart, a meanwhile resistance of 1.9730, marked by the recent high and confluence of the 21 EMA, will need to give way to enable a firm correction to get underway.
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