Technical Analysis – GBPNZD retraces to 38.2% Fibonacci level after bears deny breach of high

GBPNZD bears are trying to push beneath the 1.9342 level, which is the 38.2% Fibonacci retracement of the up leg from 1.8275 to 2.0000. Dominating sellers corrected the price back down – plotting lower lows and lower highs – concurring with the negative picture from the momentum indicators. The short-term oscillators reflect strengthening negative momentum. […]