GBPNZD Chart Technical Outlook

GBPNZD Chart Technical Outlook trims losses as weak data from China weights on the Kiwi the Pound is trimming losses on Monday, favoured by a weaker New Zealand Dollar, after uninspiring GDP data from key partner China, has revived fears of a global economic downturn.

The pair has bounced at the bottom of the last two months’ upward trending channel, although price action remains capped below the confluence of the 4H 50 and 100 SMAs at 2.0650/60 area.

Bulls need to breach the mentioned confluence area to gain upside momentum aiming for 2.0728 and 2.0835. Support levels are 2.0560 and 2.0510.

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