FxWirePro: GBP/NZD forms descending triangle pattern, good to sell on rallies
Pattern- Descending triangle pattern Major support - 2.2300 (trend line joining 2.2410 and 2.23150) GBP/NZD has declined till 2.2274 at the time of writing and slightly recovered from that level. Overall trend is bearish…
Major support - 2.2300 (trend line joining 2.2410 and 2.23150)
GBP/NZD has declined till 2.2274 at the time of writing and slightly recovered from that level. Overall trend is bearish as long as short term resistance 2.2700 holds.
Any break above 2.2700 will take the pair to next target 2.2840/2.299.
On the lower side close below trend line support will drag the pair down till 2.160 level.
It is good to sell on rallies around 2.2320-25 with SL around 2.2700 for the TP of 2.160
