GBPNZD Chart Technical Outlook failure to break support at 2.1250 might anticipate a Pound recovery, The Pound is showing a mixed technical picture, with the 4h RSI showing a lack of clear direction. Price action remains trapped within a 100 pips range with downside attempts contained at the confluence of 4h 100 SMA and recent lows at 2.1250.
Bears need to breach that level to retest the reverse trendline, at 2.1167 and the August 10 high at 2,1070.
Failure to do so might lure bulls to put an end to the corrective reversal, as the impact of the Chinese government stimulus fades. In that case, the focus will shift towards 2.400, which would expose the 2.1575 peak.