GBP/NZD short. Fibonacci extension and previous resitance target
After we saw GBP/NZD peak we have seen price continue to fall and follow a descending trend line as seen in the chart. price found support at the top blue zone (2.3468-2.33357) during the late stages of its bullish trend this level turned resistance after it was broken. price continued to fall and found further support at the lower blue zone (2.2581-2.2410) price finally broke this level, rejecting a double bottom. after price bounced of the descending trend line for the second time this aligned with the 50-60% Fibonacci retracement level, our next downside target for GBP/NZD is 2.1098-2.0744 (green zone) which aligns with the 176.50% fib extension as well as this level being previous historical resistance.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.