GBPNZD is currently trading within a range-bound structure. The price was recently rejected from the resistance area near 2.2700, but found strong support at the 0.618 Fibonacci retracement level, indicating bullish interest at lower levels.
The pair has now formed a cup and handle pattern—typically a bullish continuation signal—which suggests a possible retest of the 2.2700 resistance zone in the near term.
A breakout above this level, if supported by volume and momentum, could signal the beginning of a larger upward move. Until then, the range remains intact, and traders may look for buying opportunities on dips, with stops below the handle's low.
The pair has now formed a cup and handle pattern—typically a bullish continuation signal—which suggests a possible retest of the 2.2700 resistance zone in the near term.
A breakout above this level, if supported by volume and momentum, could signal the beginning of a larger upward move. Until then, the range remains intact, and traders may look for buying opportunities on dips, with stops below the handle's low.
Note
2 hr chart Note
going wellTrade closed: target reached
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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.