GBPNZD Will Move Lower! Short!

Take a look at our analysis for GBPNZD.

Time Frame: 12h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish

The market is testing a major horizontal structure 2.080.

Taking into consideration the structure & trend analysis, I believe that the market will reach 2.061 level soon.

P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.

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Trade closed: target reached:

Great news, our trade has finally paid off!