BUY GbpNzd from trend line bottomThe price is approaching the rising channel line, and at the same time, the Fibonacci 23.6% level intersects with the channel line. On the H1 and H4 charts, the 21-period RSI is in the overbought zone.
There is a high probability of the price encountering resistance to the upside from the intersection of the channel bottom and the Fibonacci 23.6%. This is supported by the upward movement in the RSI.
Additionally, the 100-day simple moving average supports the uptrend and acts as a resistance level for the price.
The New Zealand current account balance data, which was released a few hours ago, came in better than expected, leading to some strength in the NZD. However, the data is not likely to have a lasting or medium-term impact.
Pending buy order: 2.0780
Stop Loss: 2.0710
Take Profit: 2.0950
