GBP/NZD: 1-hour
If you’re a huge fan of Fibonacci, then you should definitely take a look at this pullback setup on GBP/NZD’s 1-hour forex time frame. The pair recently surged past resistance at the 2.1200 major psychological level and zoomed close to the 2.1500 mark before retreating. Price is now testing support at the 38.2% Fibonacci retracement level, which lines up with the broken resistance zone. At the same time, stochastic is starting to turn up from the oversold area, indicating that pound bulls might be ready to charge once more. If so, GBP/NZD could head back to the previous highs or even make new ones.
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