GBPNZD: LONG- Structure Analysis

GBPNZD: LONG- Structure Analysis

GBPNZD faced a strong support zone near 2.0100
This is also a strong psychological price for the market participants considering that it is
close to the 2.000 price zone which is also observed by all the market.

The British Pound rose today after strong UK Retail Sales data by ignoring in this way the Q3 GDP contraction.

Positive retail sales data supports the idea that the Bank of England (BoE) may stick to its restrictive monetary policy for longer.

This idea can help GBPNZD rise again up to the first structure zone as a minimum near 2.0300 and if the price manages to break through the first zone it should reach the second zone near 2.04000

The stochastic indicator is also in the oversold zone suggesting a possible pullback to the structure zones.

You can find more details in the chart!
Thank you and Good Luck!