Search ForexCrunch
  • GBP/NZD price grinding higher for a 38.2% correction on the daily chart. 
  • Bears to collect additional liquidity before the target of 1.8580. 

As per prior analysis, GBP/NZD Price Analysis: Bulls with eyes on a daily correction, the price has played out as expected.

Current price

The price reached 38.2% Fibo to the pip and has started to resume the downside. 

The resistance of the M-formation may need some more challenging before a downside correction.

The daily wick is compelling for an upside fill on the lower time frames which will provide additional liquidity for the downside target of 1.8580 and a -0.272% Fibo retracement of the corrective range.