The GBP/NZD broke above the resistance trend line (dotted red) with strong bullish momentum. The GN seems ready for a bullish continuation towards the Fibonacci targets.
The GBP/NZD could either build a deeper pullback towards the Fibonacci retracement levels and bounce at the support zone or break above the consolidation zone (purple box) for an immediate breakout. The bullish structure remains valid as long as price stays above the support zone (blue box).
The GBP/NZD seems to be building a contracting ABCDE triangle chart pattern. The most likely scenario is a bullish ABCDE pattern, whereas the alternative is a bearish triangle. The break above resistance or below support would confirm the breakout direction.
The GBP/NZD is building a triangle chart pattern and awaiting a breakout.