- GBP/NZD bears pressuring bullish commitments at a key confluence of support.
- The daily chart’s structure meets the hourly structure.
GBP/NZD is testing a dynamic support line with downside target 90 pips below for a restest of prior daily highs and the following illustrates such prospects:
Daily chart
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There is a 61.8% Fibonacci retracement confluence with the prior resistance that would be expected to hold on the first attempt.
Hourly chart
-637574139282182886.png)
With that being said, the bears will need to take control below the hourly support structure and the 21-EMA prior to getting on board.
There could be a restest of the counter trendline from which bears would achieve a discount in pursuing the daily target.
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