GBPNZD facing bearish pressure, potential for further drop!

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Price is facing bearish pressure as it continues to hold below the Ichimoku cloud and descending trendline resistance, in line with our bearish bias. We could potentially see price approach our 1st resistance, in line with 50% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance, where we might see a reversal and further drop towards 1st support, in line with 50%, 78.6% Fibonacci extension and horizontal swing low support.

Trading Recommendation

Entry: 1.93215

Reason for Entry:

50% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance

Take Profit: 1.91802

Reason for Take Profit:

50%, 78.6% Fibonacci extension and horizontal swing low support

Stop Loss: 1.93782

Reason for Stop Loss:

61.8% Fibonacci retracement, 61.8%, 161.8% Fibonacci extension and horizontal overlap support

The material has been provided by InstaForex Company - www.instaforex.com

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