GBP/NZD Declines Ahead📉

📉GBP/NZD Declines Ahead

📉GBP/NZD Finally started a decisive move southwards.

📉It coincides perfectly with my previous analysis in which I wrote about the declines in the Pound and the upcoming rises in the New Zealand Dollar

📉 Ahead is a strong support zone defined by a cluster of two fibo levels. The first is the 1.618 level of the entire recent upward correction. The second level is the 0.618 level of the entire upward wave from the bottom on 16.09.2022 to the peak on 17.10.2022

📉 If the downward movement continues expect the price to fall to around this support zone.

📉 Technical analysis indicators also confirm my perspective. Looking at the MACD histogram which indicates the continuation of the downward trend and the RSI which is well below the 50 level

📉The resistance zone has been set around the 0.618 level of the entire upward correction

📉 The scenario I'm playing out is a continuation of the declines to the vicinity of the support zone levels. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.

📉*Please do not suggest the path I have outlined with lines it is only a hypothetical scenario.

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