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GBP/NZD Forecast: Reversal Signals on GBP vs NZD Price Chart

GBP/NZD Forecast: Reversal Signals on GBP vs NZD Price Chart

2020-07-23 15:00:00
Mahmoud Alkudsi, Analyst
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British Pound vs New Zealand Technical Forecast

  • Bears eased up, although remained in control
  • GBP vs NZD price chart exposes a reversal pattern

GBP/NZD – Stalled Bearish Sentiment

Last week, GBP/NZD hit a near two-week high of 1.9270. Ultimately, the price retreated and closed a weekly candlestick modestly in the red with a 0.1% loss.

Alongside that, the Relative Strength Index (RSI) remained flat below 50 highlighting a paused bearish momentum.

GBP/NZD Daily PRice CHART (July 20, 2018 – JuLy 23, 2020) Zoomed Out

GBPNZD daily chart 230720 zoomed out
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GBP/NZD Daily PRice CHART (MaY 20 – JuLy 23, 2020) Zoomed In

GBPNZD daily chart 23-07-20 zoomed in

On Tuesday, GBP/NZD declined to the current 1.8964 – 1.9217 trading zone reflecting a indicating that bears were still charge. As a result, the price tumbled yesterday to an over ten-month low of 1.9004.

However, it’s important to note the price/RSI divergence as the first created a low with a lower low, while the latter created a low with a higher low signalling a possible reversal of the downward trend.

A daily close below the low end of the current trading zone may guide GBPNZD’s fall towards the Sep 2017-high at 1.8742.

On the flip-side, a failure in closing below the low end of the zone may start a rally towards the high end of it, and a further close above that could embolden bulls to lead the way towards the June 18 high at 1.9517.

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GBP/NZD Four Hour PRice CHART (May 24 – JuLy 23, 2020)

GBPNZD Four hour price chart 23-07-20

Yesterday, GBP/NZD traded below the bullish trendline support originating from the July 7 low at 1.9021, indicating that bearish momentum was still in place.

With that said, the price developed a Double Bottom pattern reflecting a possible reversal on the horizon. A break above the neckline of this pattern located at 1.9140 could reverse the pair’s direction higher.

To conclude, this week the pair resumed bearish price action, although the price/RSI divergence discussed above on the daily chart provides a good base of a possible reversal. Therefore, a break above aforementioned neckline resistance could trigger a rally towards the high end of the current trading zone discussed above at 1.9217. A break below 1.8943 may send GBPNZD towards 1.8850. As such, the weekly support and resistance levels underlined on the four-hour chart should be considered.

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Written By: Mahmoud Alkudsi,Market analyst

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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