GBPNZD - Ascending triangle on an upward trend

GBPNZD has moved into consolidation amid an uptrend and is forming another bullish structure. Focus on trigger 2.340



The global trend for the currency pair is bullish. Against the backdrop of the main trend, consolidation is forming in the form of an ascending triangle, which is generally a fairly strong bullish conglomerate. If resistance is broken, consolidation may move into a distribution phase
After the short squeeze, a weak reaction is forming and the market is quickly returning the price to the resistance level of 2.340. Closing above this level could trigger a rally to 2.35.

Resistance levels: 2.34, 2.355
Support levels: 2.338, 2.336

Before the resistance is broken, a long squeeze of local support may be triggered. However, a quick retest of resistance and a close above the level may trigger distribution towards 2.355.

Best regards, R. Linda!