Here we have GBPNZD which is currently definitely in a bearish trend with multiple lower highs and lower lows forming on the 4hr timeframe chart.
Price is pulling back to the bearish trendline now and I envisage a potential lower high being formed at the fib 0.618/trendline zone which is around 1.85500
Alternatively, if we see no rejections of the fib 0.618 level then price might go up to break the trendline and go on to new highs. GBP is very oversold at the moment so a larger pullback could occur.
Price is pulling back to the bearish trendline now and I envisage a potential lower high being formed at the fib 0.618/trendline zone which is around 1.85500
Alternatively, if we see no rejections of the fib 0.618 level then price might go up to break the trendline and go on to new highs. GBP is very oversold at the moment so a larger pullback could occur.
