GBP/NZD may rise 76 - 107 pips

2.0721 is our pivot point.

Our preference

The upside prevails as long as 2.0721 is support.

Alternative scenario

The downside breakout of 2.0721 would call for 2.0668 and 2.0637.

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 2.0743 and 2.0728).

Supports and resistances

2.0935 **

2.0904 *

2.0872 **

2.0841

2.0765 last

2.0742

2.0721 **

2.0668 *

2.0637 **

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