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  • 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

There is a 61.8% Fibonacci retracement confluence with the prior resistance that would be expected to hold on the first attempt.  

Hourly chart

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.