- GBP/NZD has formed descending triangle pattern but not able break the major triangle resistance 2.4025.
- Any break above 2.4025 only confirms further bullishness, a jump till 2.45 (161.8% retracement of 2.4027 and 2.3147)/2.53 (161.8% projection of 2.4027 to 2.2699 from 2.3155).
- It has broken major trend line support as Russia partially lifts dairy ban on Newzealand dairy. Russia has now decided to allow 29 New Zealand companies to sell dairy products to Russia.
- On the downside major support is around 2.3500 and break below targets 2.3150/2.2699.
It is good to sell on rallies around 2.3625-50 with SL around 2.4025 for the TP of 2.4025
