I was paying close attention to GBPNZD these last two weeks. The reason is that the pair has recently approached a 2019's high and was strongly rejected. Sellers have been pushing the market to the support line of a rising channel and we see the complete reluctance of buyers to open long trades on dip, so the market has set a lower high.
Now the market has recently violated the boundaries of a channel and we see a rise in selling volumes.
+ taking into account the historical perspective we see how similar the sentiment was this spring.
based on these observations my bias on pair is bearish and I expect bearish continuation to lower structure levels.
Target levels are 1.95 and 1.88
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