Trade of the Day: GBP/NZD

By: Dima Chernovolov

GBP/NZD recently broke the key resistance level 1.8981, which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 3-bar level – which is the result of the three earlier price reversals from this price level. GBP/NZD is expected to continue to rise toward the forecast price 1.9067.

As can be seen from the weekly GBP/NZD chart below – the pair earlier reversed up from the powerful support area located between the long-term support levels 1.8750 (which has been reversing the pair from May of 2020) and 1.8280 (yearly low from 2019). The proximity of this support zone increases the probability GBP/NZD will continue to rise toward the forecast price 1.9067.