GBP/NZD Technical Analysis

GBP/NZD is in a big downtrend
The price has completed a retracement
It is at support but could break any time
The NZD is getting stronger

DAILY CHART GBP/NZD

Strong downtrend move
Retracement/Pullback
Rooftop Continuation Pattern
The first target

The price is currently trying to push lower. W L3 and a rooftop continuation pattern rejected the price around 1.9460. We should see a move down before the FOMC meeting tomorrow. Being on of the most volatile Forex crosses, the GBP/NZD should touch 1.9400 and if bearish momentum persist, continue down. Below 1.9400, the pair should reach 1.9350 which is the first main target. However, if the market comes to 1.9400 and you have a short trade, scaling out could be a good option as it secures profits. Below 1.9350 we will see a strong momentum move towards 1.9280.