Predictions for the movement of the GBP/NZD pair 

The GBPNZD on a basic level

The New Zealand dollar rose during trading on Tuesday for the third consecutive day, ahead of tomorrow’s UK inflation data, amid a lack of economic data from New Zealand this week.

The GBPNZD on a technical level

The New Zealand Dollar is trading within an upward price channel on the daily chart, and the pair rebounded yesterday near the 2.3040 resistance level.

The pair is currently trading near the 2.3010 level, which could push the pair back down again as long as we are trading below the 2.3040 resistance level, under the influence of a negative divergence on the MACD indicator.

Our targets are at 2.2919 as the first target, followed by the lower boundary of the upward price channel near 2.2850.

Any break above the resistance levels could push the pair higher toward 2.3120, from where we can sell again to reach our targets.