GBPNZD approaching resistance, potential drop!
GBPNZD is approaching our first resistance at 1.9234 (Horizontal swing high resistance, 100%, 61.8% fibonacci extension, 50% fiboancci retracement, Ascending channel's resistance) and a strong drop might occur below this level pushing price down to our major support at 1.8851 (Horizontal swing low support, 38.2% fibonacci retracement, 100% fiboancci extension, ascending channel's support).
Stochastic (55, 5, 3) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
Stochastic (55, 5, 3) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results