GBP/NZD Price Analysis: Bulls looking for a retracement from key support

• GBP/NZD has dropped to a key support area where bulls are lurking.
• Bulls will have the prior support structure in focus.

GBP/NZD is stalling at support and the focus is on the upside for the meanwhile to test prior support structure and the confluence of a 50% mean reversion.

The following illustrates bullish bias. 

Daily chart

Bulls need to hold the support of 1.9660/70 at this juncture. 

Hourly chart

From a lower time frame, such as the 1-hour chart, a meanwhile resistance of 1.9730, marked by the recent high and confluence of the 21 EMA, will need to give way to enable a firm correction to get underway.