The GBP/NZD exchange rate continued to trade downwards guided by the descending trend line. The rate has already declined below 1.9400.
It is likely that the currency pair could gain support from the 55– and 100-hour moving averages near 1.9300 and. Thus, some upside potential could prevail in the market, and the pair could re-test the given trend line circa 1.9900.
If the predetermined line holds, it is likely that a reversal south could follow. Otherwise, it is likely that the rate could target the Fibo 23.60% at 2.0310.
