GBPNZD remains bearish from a medium-term perspective, continuing to trade inside the red descending channel that has guided price lower over recent weeks.

Price is now approaching the upper boundary of the channel, creating an important technical area to monitor for a potential bearish reaction.

⭕As long as price continues to respect the upper boundary of the descending channel, we can start looking for trend-following sell setups on lower timeframes, anticipating a continuation of the broader bearish trend.

⭕However, if buyers manage to break above the channel, it would provide the first indication that bearish momentum is beginning to weaken, increasing the probability of a deeper corrective move.

The reaction around the upper boundary of the channel may reveal whether sellers can maintain control of the broader trend, or if buyers are beginning to gain momentum.

⚠️Disclaimer: This analysis reflects my personal market view and is not financial advice.

Rayan Nasser

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