The GBP/NZD dropped towards the lower confluence zone that is also supported by historical levels of support and bounced. If 1.9260 holds, the uptrend will continue.
1.9270-1.9300 is the zone where we might expect the bounce. Targets are 1.9317, 1.9141 and 1.9360. If 1.9360 breaks, next target is 1.9400. However, bullish bounce also depends on the Brexit news. All GBP crosses are heavily dependent on Brexit developments and out of the blue news could easily spike the price up or down. However, the GBP/NZD has been more resilient than the GBP/USD, so we might see a bounce towards 1.9360 as the deeper retracement levels has already been reached.
The analysis has been done with the CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.