GBPNZD H4 | Reversal of 50% Fibo resistance

TitleGBPNZD H4 | Reversal of 50% Fibo resistanceTypeBearish ReversalPreference:Price is trading close to the pivot point of 2.0418 which is a pullback resistance that aligns with the 50.0% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 2.02752 which is a pullback support level.Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 2.05777 which is a pullback resistance that aligns with the 23.6% Fibonacci retracement level.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.