GBP/NZD has bounced off from 2.0625 levels (levels last seen in May 2015), taken channel base support and edged higher.
- We see the pair consolidating after the bounce-off from multi-month lows, with major resistance upto 1.1120 levels.
- The pair is extending range trade for the 4th consecutive day, day's range 2.1147-2.1022.
- Stochs and RSI on daily charts have rolled over from oversold levels and the MACD line is on the verge of a bullish crossover on signal line.
- Advise waiting for further confirmation to initiate longs, remain on sidelines for now.
