Bullish GBP/NZD Trend: Potential Long Position Opportunity

3 May 2023

During the previous trading session, the GBP/NZD currency pair displayed a robust bullish rally, driving the price to the notable level of 2.0400. However, following this upward movement, the price has initiated a retracement and pulled back to the 61.8% Fibonacci level. Interestingly, this area coincides with the presence of strong support at 2.000 and the RSI indicator showing oversold conditions. As a result, swing traders might consider taking a long position aligned with the prevailing uptrend, as clearly evident in higher timeframes.

Considering these technical factors, we anticipate a continuation of the bullish trend, with a pullback in this retracement area serving as a viable entry point for traders to take advantage of the upward momentum.