GBP/NZD Price Analysis: Bears seek an extension to 1.8580

GBP/NZD price grinding higher for a 38.2% correction on the daily chart.
Bears to collect additional liquidity before the target of 1.8580.

Ross J Burland FXStreet

As per prior analysis, GBP/NZD Price Analysis: Bulls with eyes on a daily correction, the price has played out as expected.

Current price

The price reached 38.2% Fibo to the pip and has started to resume the downside.

The resistance of the M-formation may need some more challenging before a downside correction.

The daily wick is compelling for an upside fill on the lower time frames which will provide additional liquidity for the downside target of 1.8580 and a -0.272% Fibo retracement of the corrective range.

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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