The market pulled back to resistance after a breakout of the range zone. GBPNZD broke the previous resistance zone, which is the support level. I expect the market to fall from the resistance zone toward the support level and probably to the border of the upward channel. On the 4H timeframe, the price has reached key resistance, and because of it, the market may form a fake breakout of the resistance and make a pullback. On the daily timeframe, the trend is bearish. So now my target to buy is the 2.02650 support level.
📊QUICK FUNDAMENTAL LOOK
Sterling rose in European trade on Wednesday against a basket of major rivals, holding above three-week lows against the dollar after a weak start to the year. Markets are cautiously returning to higher-risk currencies and assets amid optimism about 2024. There's a lack of data released in the UK later this week, thus the focus remains on US data, including the crucial US payrolls report.
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