GBPNZD approaching support, potential bounce!

FX:GBPNZD   British Pound / New Zealand Dollar
GBPNZD is approaching our first support at 1.8739 (horizontal swing low support, 61.8% Fibonacci extension , 38.2% Fibonacci retracement , ascending support’s channel) where a strong bounce might occur above this level pushing price up to our major resistance at 1.8982 (horizontal swing high resistance, 61.8% Fibonacci retracement ).
Stochastic (55,5,3) is also approaching our support where we might see a corresponding bounce in price.
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Losses can exceed the initial investment so please ensure you fully understand the risks.
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This analysis is provided as general market commentary and does not constitute investment advice.
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