GBP/NZD Recovery Stalls at 2.0600 Handle
Following a smart recovery on Wednesday from sub-2.0400 mark to beyond 2.0600 handle, the GBP/NZD pair came off day's peak and on Thursday is trading with marginal gain, holding just below 2.0600 handle.
Traders eying 2.0600 for bullish confirmation
On
technical chart, 2.0600 mark resistance represents the upper trend-line
of a short-term descending trend-channel and hence reversal back below
2.0500 mark would reaffirm movement within the defined descending
trend-channel range. Below 2.0500 level, the pair could immediately
drift back below 2.0400 round figure to retest the trend-channel
support, currently near 2.0350 region.
On the upside, momentum
break-through 2.0600 trend-channel resistance should lift the pair
immediately towards 2.0660-65 horizontal resistance and also opens room
for further recovery for the pair in the near-term.
