GBP/NZD reversed from long-term support level 1.7670
- GBP/NZD reversed from long-term support level 1.7670
- Next buy target - 1.8200
GBP/NZD continues to rise – following the earlier upward reversal from the major long-term support level 1.7670 (which also previously reversed the pair sharply in April of 2013, as can be seen from the weekly GBP/NZD chart below). The upward reversal form this support level occurred well outside of the lower weekly Bollinger Band – which adds to the probability the upward correction will be continued in the nearest time.
With the oversold reading visible on the weekly RSI indicator - GBP/NZD can be expected to rise further from the current levels toward the next buy target at the resistance level 1.8200.