GBP/NZD breaks trend line support at 2.20, targets 2.130/2.065
Major trend line support -2.2000 (trend line joining 2.24179 and 2.2043)
GBP/NZD has slightly recovered till 2.2180 yesterday and started to decline from this level. It is currently trading around 2.19333.
The pair has broken major trend line support in weekly chart and declined well below that level. Overall trend is still weak as long as resistance 2.2478 (7 W EMA) holds.
Any break above 2.2535 will take the pair to next level 2.2708/2.3015.On the lower side break below 2.200 confirms major trend reversal . a decline till 2.15/2.13/2.065 is possible .
It is good to sell on rallies around 2.1950-2.2000 with SL around 2.250 for the TP of 2.150/2.130/2.065.
GBP/NZD has slightly recovered till 2.2180 yesterday and started to decline from this level. It is currently trading around 2.19333.
The pair has broken major trend line support in weekly chart and declined well below that level. Overall trend is still weak as long as resistance 2.2478 (7 W EMA) holds.
Any break above 2.2535 will take the pair to next level 2.2708/2.3015.On the lower side break below 2.200 confirms major trend reversal . a decline till 2.15/2.13/2.065 is possible .
It is good to sell on rallies around 2.1950-2.2000 with SL around 2.250 for the TP of 2.150/2.130/2.065.