GBP/NZD continues to fall toward the Key Support Level 1.8514 (of the type Approach) identified by Autochartist on the hourly charts – as you can see from the following trade opportunity alert that I received recently for this currency pair through Autochartist’ email subscription. The pair recently corrected down (at point A) from the resistance area made out of the round resistance level 1.8800, 50% Fibonacci Retracement of the preceding downward price impulse from the end of last year as well as the upper resistance trendline of the longer-term Down Channel from the middle of 2012 (as you can see on the second daily GBP/NZD chart below). Expect the pair to reach the target level 1.8514 in the next 7 hours.
GBP/NZD - 1" title="GBP/NZD - 1" width="600" height="366">
The following daily GBP/NZD chart shows the resistance price levels mentioned above:
GBP/NZD - 2" title="GBP/NZD - 2" width="600" height="685">