In the price action forecast for the week, I discussed the previous breakouts that sent the pair lower and the impending trend line breakout which would bring the two-month range consolidation to an end and send GBPNZD to lower levels.
Buyers broke through 1.9000 resistance; sellers closed right back below it, forming a bearish engulfing bar. This exposes 1.86447 and the trend line. If sellers get to the trend line and close below it as forecasted lower support levels 1.827 and 1.745 will be within reach in the coming days and weeks.
By: Chijioke Maduakor
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