GBP/NZD may rise 76 - 113 pips

2.1408 is our pivot point.

Our preference

The upside prevails as long as 2.1408 is support.

Alternative scenario

The downside breakout of 2.1408 would call for 2.1346 and 2.1309.

Comment

The RSI is above its neutrality area at 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 2.1445 and 2.1436).

Supports and resistances

2.1652 **

2.1615 *

2.1577 **

2.1540

2.1464 last

2.1433

2.1408 **

2.1346 *

2.1309 **

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