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Technical analysis for the GBP/NZD, the pair formed a double bottom on the weekly chart, starting a pullback. The first target for this pullback is the 0.382 FIB retracement at 1.9410. The second target for the GBP/NZD is the 0.500 FIB retracement on the weekly chart at 1.9625. The third target is the 0.618 FIB retracement on the weekly chart at 1.9840. On the daily chart, the price broke above descending wedge, which is a confirmation of the bullish bias.
On the other hand, if the GBP/NZD breaks below 1.9154, that will open the door for a decline toward the 0.382 FIB retracement on the daily chart at 1.9090. If the GBP/NZD breaks below 1.9090, that will lead to a decline toward the 0.618 FIB retracement on the daily chart at 1.8950. And a break below the low on the daily chart at 1.8852, will send the GBP/NZD lower toward the previous low at 1.8713.
Daily chart:
Weekly char:
