A short term correction could see a drop to 1.6259 support. -GBPNZD headed towards 3 Last week, I wrote that “price is expected to exceed 1.6959, ideally remaining above 1.5639 in the process.” 1.5639 held and the GBPCHF is on its way to a break of 1.6959. A rally through the trendline drawn off of the and January highs would suggest that an important bottom is in place.

I wrote last week that “the GBPAUD is extremely bullish against 2.0225. The GBPCAD dropped to a 24 year low this week (1.6711) and has rebounded 800 pips. Until then, the GBPCAD is vulnerable to weakness. Continued divergence with RSI as well as the indicator favors a recovery.

Chart resistance is not until 2.3062.” The pair has vaulted higher and should continue higher towards the mentioned objective. Still, I favor strength given the bullish counts in the other GBP crosses. The larger trend is up as long as price is above 1.5639 although the pair shouldn't come near that level. Any weakness should prove temporary and price should stay above 2.1258..

A break above 2.2322 is expected.