On the 4-hour timeframe, the pair is trending downward after breaking the neckline near 2.19432. This level, which has since turned into a resistance zone, was recently retested.
Despite the last bullish candle closing strongly, signaling potential upside strength, sellers may still regain control, driving the price down toward 2.18404, with a further drop possibly extending to the demand zone around 2.17220.
On the flip side, if bullish momentum holds, analysts anticipate a push to retest the 2.19432 resistance, with further targets at 2.20464 and a potential rally toward the supply zone near 2.21645. Breakouts and retracements at these key levels remain possible scenarios.
Upcoming Catalyst
On Thursday (GMT+4):
6:00 AM: The spotlight would be on the NZD with the release of inflation expectations an indicator that could stir market volatility for Kiwi pairs and it is expected to affect GBPNZD too, then by 11:00 AM, The UK steps into the spotlight with crucial GDP data, both month-over-month and quarter-over-quarter, set to hit the wire. Expect traders to closely monitor these figures for clues on the health of the British economy.
Despite the last bullish candle closing strongly, signaling potential upside strength, sellers may still regain control, driving the price down toward 2.18404, with a further drop possibly extending to the demand zone around 2.17220.
On the flip side, if bullish momentum holds, analysts anticipate a push to retest the 2.19432 resistance, with further targets at 2.20464 and a potential rally toward the supply zone near 2.21645. Breakouts and retracements at these key levels remain possible scenarios.
Upcoming Catalyst
On Thursday (GMT+4):
6:00 AM: The spotlight would be on the NZD with the release of inflation expectations an indicator that could stir market volatility for Kiwi pairs and it is expected to affect GBPNZD too, then by 11:00 AM, The UK steps into the spotlight with crucial GDP data, both month-over-month and quarter-over-quarter, set to hit the wire. Expect traders to closely monitor these figures for clues on the health of the British economy.
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