GBP/NZD was in a strong and consistent uptrend during the recent days that buyers were successful in obtaining the highest price of 1.96327. price with reaching to the Down Trendline which is shown in the picture below ( made of 2 Top prices) and the important Resistance level(Support to Resistance) of 1.96327 has stopped from more ascend( Buyers used this level to exit their trades) and with formation of a top price in daily time frame has prepared a field for descending of price.
According to the previous day changes, previous day candle was closed as Spining Top candlestick pattern which shows vulnerability of ascending trend and potential for formation of a Top price in this range.As it is obvious in the picture below, between the Bottom of 1.90822 and Top price of 1.96327 there is AB=CD harmonic pattern with ratios of 61.8 and 127.2 that warns the potential of descending from the D point of this pattern.Generally until the D point in daily time frame is preserved, there is a potential for price reformation and descending.
According to the previous day changes, previous day candle was closed as Spining Top candlestick pattern which shows vulnerability of ascending trend and potential for formation of a Top price in this range.As it is obvious in the picture below, between the Bottom of 1.90822 and Top price of 1.96327 there is AB=CD harmonic pattern with ratios of 61.8 and 127.2 that warns the potential of descending from the D point of this pattern.Generally until the D point in daily time frame is preserved, there is a potential for price reformation and descending.
