Pattern formed – Descending triangle
GBP/NZD faces strong resistance around 2.4025 and any break above confirms further bullishness , a jump till 2.45 (161.8% retracement of 2.4027 and 2.3147)/2.53 (161.8% projection of 2.4027 to 2.2699 from 2.3155)
On the downside major support is around 2.3500 and break below targets 2.3150/2.2699.
Short term bullish invalidation only below 2.3500.
Major resistance – 2.4025
Major support – 2.3500
It is good to buy above 2.4025 with SL around 2.3500 for the TP of 2.450/2.5300
GBP/NZD faces strong resistance around 2.4025 and any break above confirms further bullishness , a jump till 2.45 (161.8% retracement of 2.4027 and 2.3147)/2.53 (161.8% projection of 2.4027 to 2.2699 from 2.3155)
On the downside major support is around 2.3500 and break below targets 2.3150/2.2699.
Short term bullish invalidation only below 2.3500.
Major resistance – 2.4025
Major support – 2.3500
It is good to buy above 2.4025 with SL around 2.3500 for the TP of 2.450/2.5300