Market NewsTechnical Analysis

GBP/NZD: The Round Number 2.60000 is under Spot Light, What’s Next?

  • GBP/NZD is traded within a flat bottom channel on the H4 chart.
  • The pair trades below the simple moving average 30.
  • The H1 chart has been bearish heading towards the last swing low.
GBP/NZD H4 chart
GBP/NZD H4 chart

GBP/NZD- Technical Analysis- H4 chart

The chart shows that the pair has been trapped within a flat bottom channel. At the last rejection, the pair produced a bearish inside bar. It has been heading towards the South since then. The support still offers enough space for the sellers. Thus, we may see that the pair continue its bearish move. It may find its support around 2.06000. The simple moving average 30 has been working as a resistance as well. Thus, the bull may not come into the stage soon.

Nevertheless, if the price breaches the resistance of that channel, the buyers may get themselves engaged to look for long opportunities. In that case, the level of 2.09650 may work as a resistance.

GBP/NZD H1 chart
GBP/NZD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has been gradually heading towards the South. Mainly, the minor charts’ traders have been fueling this move. The chart shows that the price had a bounce at 2.06400 earlier. Thus, the sellers may consider this level to set their take profit. A bearish breakout at the level followed by breakout confirmation and a bearish reversal pattern may drive the pair towards the South further. The pair may find its support around 2.60000.

Both charts show that 2.60000 may play a pivotal role to determine its next trend. Traders are to be very watchful on the price action around this round number. The bear has more chance to continue its move by making a breakout than the bull taking over. Nevertheless, we must wait to see what happens next.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

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