- GBP / NZD has fallen into an important area of support where bulls are lurking.
- Bulls will focus on the previous support structure.
GBP / NZD is stagnant on support and the focus is on the upside to test the previous support structure and the coincidence of a 50% mean reversion.
The following illustrates a bullish trend.
Bulls must hold 1.9660 / 70 support at this point.
From a lower timeframe such as the 1 hour chart, an interim resistance at 1.9730, marked by the recent high and the confluence of the 21st EMA, must give way for a firm correction to take place.