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GBP/NZD 1H Chart: Downside potential could prevail

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellBuy
SAR(0.02;0.2)BuySellSell
Aggregate⇒⇘⇒

[ANNOUNCE] The British Pound has been depreciating against the New Zealand Dollar since the middle of December after the GBP/NZD exchange rate failed to surpass the resistance level—the monthly R1 at 2.0350. [/ANNOUNCE] 

Currently, the currency pair is trading at the 1.9510 mark. Note that the pair is pressured by the 55-, 100– and 200-hour moving averages. Thus, it is likely that some downside potential could prevail in the market. A possible downside target is the Fibonacci 38.20% retracement at 1.9037. 

It is unlikely that bulls could prevail in the market, and the exchange rate could exceed the Fibonacci 0.50% retracement at 2.0460.

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