GBPNZD Is Very Bullish! Long!

Please, check our technical outlook for GBPNZD.

Time Frame: 1h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish

The market is testing a major horizontal structure 2.054.

The oversold market condition in a combination with key structure gives us a relatively strong bullish signal with goal 2.062 level.

P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.

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