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.