GBP/NZD Price Analysis: Bears about to pounce?

GBP/NZD building up for a re-run to the downside.
The weekly bear trend intact below crical resistance.

Ross J Burland FXStreet

In a follow up to the prior analysis, GBP/NZD Price Analysis: The dynamic support is critical, the price has extended to the upside for deeper penetration into the Fibonacci retracement levels.

However, the test of the 61.8% and the confluence of the M-formation's neckline resistance would be expected to hold.

This then gives rise to the prospects of a downside continuation in the next leg of the weekly bear trend:

Daily chart

This is now a critical level of resistance and failures here should confirm the downside narrative.

4-hour chart

Bears would be prudent for confirmations of a bearish environment on the 4-hour chart until committing to the downside.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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