GBP/NZD Down

GBP/NZD has been depreciating for the past few days as price has now retreated from its high levels and reached range bound trading. GBP/NZD price has recently been ranging in a box range. Price has shown a break out of the box range to the downside.

It might be too early to take a short position just yet, as it would be best to see a break-retest of the 1.74400 support for a short position. This would confirm a further breakout.

On the other hand, a bullish move to the upside would invalidate the possible downtrend scenario as price would have been brought back into the range 1.76.

No major news are scheduled for today for either sides so technical trading might keep the momentum going in the current direction.

Chart: GBP/NZD D1