GBP/NZD Price Analysis: Bulls are still in the picture

• GBP/NZD bulls are seeking an optimal entry point.
• The daily target is compelling as the price stabilises at support.  

As per the prior analysis, GBP/NZD Price Analysis: Bulls look to a 50% mean reversion of daily candle, the market remains favourable for an upside correction. 

Prior analysis, daily chart

Live market, daily

While the position is there, the hourly conditions are critical. 

Prior analysis, hourly chart

Live market, hourly 

Ignoring the spike, which is a false read, the price has been building a bullish case in the consolidation and higher lows. 

MACD is turning higher and bulls can continue to monitor for bullish structure and an optimal entry point over the course of the coming sessions.