Down near 1% on the day

The NZD is the strongest currecny today. The GBP is the weakest. That translates into the GBPNZD being the biggest mover. Indeed the pair is down -0.99%.

Down near 1% on the day

Looknig at the 4-hour chart, the pair this week had found sellers near the 100 day MA (blue line overlay at 1.91555) and fell below the 100 and 200 bar MA on the 4-hour (currently at 1.9069 and 1.9009 respectively). The 50% retracement was broken today at 1.87738. That is close risk now for sellers.

GBPNZD iis moving toward a key swing area

The next targets come near swing levels going back to December (when it was a ceiling) and January, when it was a floor. That swing area comes in at 1.8602-479 (see yellow area in the chart above). The low today reached 1.8684, and the price is currently above the 1.18700 level, but the pair rips off lots of pips on moves. I would expect some cause for pause at the swing area on a test.

Drilling to the 5-minute chart, the pair's last correction stalled right at the 100 bar MA (currently at 1.8735). If the buyers are to take even a little more control from the sellers, that level needs to be broken. Until then, the sellers remain in control.

The 100 bar MA on the 5-minute chart is stalling the upside rally so far