GBPNZD reacting below pivot, potential for further downside

GBPNZD reacting below pivot, potential for further downside for FX:GBPNZD by FXCM

GBPNZD reacting below pivot, potential for further downside



Price is reacting below our pivot level at 1.95330 which is in line with 127.2% Fibonacci retracement level. Price could potentially drop to support at 1.93660 which coincides with 78.6% Fibonacci retracement level and 161.8% Fibonacci extension level. MACD is indicating bearish momentum for further downside.
Alternatively, price could potentially swing towards resistance at 1.96220, which coincides with 23.6% Fibonacci retracement level, 61.8% Fibonacci extension level and

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