GBPNZD Short Idea

Since breaking the 1.936 level, there have been two failed attempts to break the key resistance level of 1.97 (October 11th high). The 1.936 level is now acting as a support zone which price respected earlier on in December. As there hasn't been a convincing break of this level it's very likely that the price will fall and re-test the support level mentioned of 1.936. The RSI levels are in overbought conditions at 89.36 on the 4hr chart, suggesting that a drop in price is probable. The initial target of this trade is located at the 1.95 level, proceeding this would lead to the previous support level of 1.936. The stop-loss area is at 1.975, just above October high.