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Monthly Chart:
Well in the monthly chart of GBP/NZD, a pattern known as inverted head and shoulder formed and earlier, form a technical view, price was above a hammer candle + above 50day moving average in monthly chart + was initially already broken above 2.1000, which was the major neckline of this pattern. So, when RBNZ announced interest rate cut on this past Thursday 11th June, RBNZ announced surprise rate cut from 3.5% to 3.25%. So, hence price continued to upside from 2.1500-2.200 around…
Well in the monthly chart of GBP/NZD, a pattern known as inverted head and shoulder formed and earlier, form a technical view, price was above a hammer candle + above 50day moving average in monthly chart + was initially already broken above 2.1000, which was the major neckline of this pattern. So, when RBNZ announced interest rate cut on this past Thursday 11th June, RBNZ announced surprise rate cut from 3.5% to 3.25%. So, hence price continued to upside from 2.1500-2.200 around…