GBP/NZD may rise 70 - 103 pips

Our pivot point is at 2.1264.

Our preference

Rebound towards 2.1418.

Alternative scenario

The downside breakout of 2.1264 would call for 2.1208 and 2.1175.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 2.1358 and 2.1436).

Supports and resistances

2.1484 **

2.1451 *

2.1418 **

2.1385

2.1315 last

2.1286

2.1264 **

2.1208 *

2.1175 **

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