GBP/NZD in a rebound zone

GBP/NZD in a rebound zone

GBP/NZD has been showing a strong weakness since last week and currently it’s challenging a demand zone between the 1.8887 and 1.8724 levels. There is also a bearish crossover of the moving averages underway and it could be adding fuel to the possibility of another leg lower towards the 78.6% Fibo zone at 1.8576. However, if it makes a rebound at the current stage, then it can go higher towards the -23.6% at 1.9685.

RSI indicator is in the neutral territory, calling for a sideways consolidation.

GBPNZDmH1.png

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