Currency pair British Pound to New Zealand Dollar GBP/NZD is trading at 1.8615. The pair is trading below the moving average with a period of 55, indicating a bearish trend for the British Pound to New Zealand Dollar GBP/NZD pair. At the moment, quotes of the pair test the lower boundary of the bands of the Bollinger Bands indicator. Correction is expected near the level of 1.8660, where we can expect an attempt to continue the decline with the first target near the level 1.8380.
Bollinger Bands forecast GBP/NZD on May 23, 2017
An additional signal in favor of the drop is the resistance area test. The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1.8900. The abolition of the continuation of the fall of the pair British Pound to New Zealand Dollar GBP/NZD will be a breakdown of the moving average region with a period of 55, as well as the upper border of the indicator and the closing of the pair’s quotes above the area of 1.9000, which indicates a change in the trend in favor of the bullish on the GBP/NZD pair. In the event of a breakdown of the lower boundary of the Bollinger Bands indicator, it is expected to accelerate the fall of the pair into the area below the level of 1.8380.
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