GBP/NZD may rise 57 - 85 pips

Our pivot point stands at 2.1455.

Our preference

Look for a drop towards 2.1455 before a bounce.

Alternative scenario

Below 2.1455, expect 2.1408 and 2.1380.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is below its 20 period moving average (2.1525) but above its 50 period moving average (2.1502).

Supports and resistances

2.1664 **

2.1636 *

2.1608 **

2.1580

2.1523 last

2.1473

2.1455 **

2.1408 *

2.1380 **

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