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Fan Yang

GBP/NZD Has Opened up the 1.90 Resistance

Last week, we noted that GBP/NZD was developing a price bottom and therefore could be in for a bullish outlook. At the time of the observation, price was retreating. We noted that a bullish market should hold above 1.77 and most likely above 1.78. Price actually held above 1.79. This respect of a previous resistance area as support confirms that bulls are in charge.

GBP/NZD 4H Chart

(click to enlarge)

Upside to 1.90:
- With price bouncing off 1.79, there is upside towards 1.8950-1.90, a critical resistance since 2016. 
- Note that this bullish outlook is within a sideways mode seen in the weekly chart. 
- Any outlook above 1.90 would be a bullish outlook that goes against the prevailing bearish mode since 2015, when the exchange rate retreated after tagging 2.50.

GBP/NZD Weekly Chart

(click to enlarge)

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