GBP/NZD may rise 58 - 85 pips

Our pivot point is at 2.1406.

Our preference

The upside prevails as long as 2.1406 is support.

Alternative scenario

The downside breakout of 2.1406 would call for 2.1359 and 2.1331.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 2.1425 and 2.1413).

Supports and resistances

2.1597 **

2.1569 *

2.1541 **

2.1514

2.1456 last

2.1424

2.1406 **

2.1359 *

2.1331 **

Number of asterisks represents the strength of support and resistance levels.