The current exchange rate for GBP/NZD is 2.0802 and it is trading within a channel in a given range. However, the MACD indicator suggests a downward trend. If the support level of 1.270 is broken, it is expected to continue towards the ATR target at 2.0718, with the overall target being the range bottom at 2.0650. For this to happen, the USDX needs to continue to rise. Therefore, it is recommended to monitor the USDX movement for further direction. The average daily true range (ATR) for this currency pair is 202 pips per day, with a 90-day average of 171 pips per day. Currently, the USDX is moving upwards.
GBP/NZD: Great Range Opportunity
