GBP/NZD may rise 62 - 90 pips

Our pivot point is at 2.0707.

Our preference

The upside prevails as long as 2.0707 is support.

Alternative scenario

The downside breakout of 2.0707 would call for 2.0660 and 2.0632.

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 2.0736 and 2.0750). Finally, the GBP/NZD is trading above its upper Bollinger band (standing at 2.0754).

Supports and resistances

2.0901 **

2.0873 *

2.0845 **

2.0817

2.0755 last

2.0725

2.0707 **

2.0660 *

2.0632 **

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