GBP/NZD may fall 78 - 115 pips

Our pivot point is at 2.1490.

Our preference

As long as 2.1490 is resistance look for 2.1324.

Alternative scenario

The upside breakout of 2.1490, would call for 2.1552 and 2.1589.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI should trigger further gains. Moreover, the price stands above its 20 period moving average (2.1438) but below its 50 period moving average (2.1439).

Supports and resistances

2.1589 **

2.1552 *

2.1490 **

2.1465

2.1439 last

2.1361

2.1324 **

2.1287 *

2.1250 **

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