GBP/NZD momentum bearish, good to sell rallies
GBP/NZD has been trading a falling wedge formation and has resumed downside after multiple rejections at wedge top.
Downside has been supported with rising volumes and Technicals confirm further downside.
Resistance on the upside is located at 2.0964 (5-DMA), 2.1049 (10-DMA) and 2.1200 (Wedge top).
On the other side, supports are seen at 2.0751 (session low and Feb 25th low), 2.0656 (May 11th lows) and then 2.0625 (Feb 26th low).
Good to sell rallies in the pair around 2.0820, SL: 2.10, TP: 2.0625/2.0450/2.0250
Downside has been supported with rising volumes and Technicals confirm further downside.
Resistance on the upside is located at 2.0964 (5-DMA), 2.1049 (10-DMA) and 2.1200 (Wedge top).
On the other side, supports are seen at 2.0751 (session low and Feb 25th low), 2.0656 (May 11th lows) and then 2.0625 (Feb 26th low).
Good to sell rallies in the pair around 2.0820, SL: 2.10, TP: 2.0625/2.0450/2.0250
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