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.

Ross J Burland FXStreet

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.

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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