Is GBPNZD oversold?

2018年11月4日

GBPNZD was falling thousands of pips after Brexit in 2016 and it found its bottom in later 2016. Since then an uptrend prevails on this market. This year GBPNZD broke psychological resistance 2.000 first time since Brexit and then it went quickly below 2.000 again. One thing is clear. There is an uptrend. This currency pair fell 1130 pips in less than a month and it is showing a signal for growth again. Currently, it is in a support zone from which it will probably go up a few hundreds of pips. GBPNZD is also in the area of the trendline. When the markets open, it can test previous low 1.9342 and then go up to the area 1.97-1.98. If the market breaks trendline, there´s an open space for other hundreds of pips downwards.