GBPNZD Chart Technical Outlook

GBPNZD Chart Technical Outlook completes the measured move target, posts a reversal formation from the high. The RBNZ kept interest rates at 5.5% overnight. In the accompanying monetary policy statement, the central bank indicated that interest rates will remain at restrictive levels for some time. This has given the NZD some upside bias. Although we saw a spike to the upside in the cross on higher-than-expected inflation data from the UK, this has been short-lived.
From a technical perspective, we have completed the measured move target for the ascending triangle formation at 2.1375.
Various time frames have posted bearish Outside Candles. These formations often indicate the end of a trend and the start of a new downward bias. Intraday support is located at 2.1220.

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