FX.co ★ Melsiafy | GBP NZD

GBP/NZD MARKET OVERVIEW 24 MAY At first glance, the GBPNZD H4 chart feels like a market that spent weeks under pressure but is finally starting to breathe again. I’ve been watching the way price keeps climbing back toward the white descending trendline near 2.2960, and honestly, it feels like buyers are slowly regaining confidence after that brutal selloff toward the 2.2630 lows. What I like here is that the market didn’t just bounce randomly — it created a series of stronger candles with higher lows, which usually tells me that demand is beginning to return quietly beneath the surface. The structure itself is becoming really interesting now because price is pushing directly into a heavy decision zone. I noticed the red moving average has started curling upward while the green moving average is flattening near the current price, and to me that usually signals the market is transitioning out of the bearish phase into a possible recovery cycle. The RSI sitting around 60 also gives me the impression that momentum is gradually shifting back toward the bulls without entering exhaustion territory yet. That’s important because it means there’s still room for continuation if the breakout actually happens. What personally grabs my attention the most is the way the pair keeps respecting the recovery path despite all the volatility during the past sessions. Every dip lately seems to get bought faster than the previous one, and that kind of behavior usually appears when traders start positioning themselves ahead of a larger move. I’m also noticing that the candles are becoming tighter as price approaches the descending trendline resistance, almost like the market is compressing energy before deciding its next direction. In situations like this, one clean H4 candle above the trendline could completely change sentiment and trigger a sharp rally toward the 2.3015 and possibly 2.3070 region. At the same time, I still think this area deserves caution because the pair is sitting exactly beneath a major technical ceiling. If buyers fail to break above it, I could easily see another rejection sending the price back toward 2.2850 support. Still, the overall tone of the chart feels much healthier than it did a week ago. Personally, I’m leaning toward the idea that GBPNZD is trying to build a medium-term bottom here, and if momentum keeps improving the way it is now, this descending structure may finally give way to a much stronger bullish expansion.