GBPNZD 1H — Bearish Pullback SetupGBP/NZDOANDA:GBPNZDFxVault_SignalsGBPNZD is showing increasing downside pressure on the 1H timeframe after failing to sustain the recent recovery above the 2.3040 area. Price has been forming a sequence of lower highs from the recent 2.3140 region, while the latest decline has pushed the pair below the 50 EMA. The current price is around 2.3007, leaving the market beneath the EMA at approximately 2.3042. 📉 Setup Structure Current price: ~2.3007 50 EMA: ~2.3042 Key reaction zone: ~2.3020–2.3050 Projected downside objective: ~2.2890 The highlighted zone represents the area where a corrective recovery could encounter renewed selling pressure. A return into this region followed by bearish rejection would provide the preferred structure for continuation toward the lower objective. Momentum also favors the downside, with RSI around 34, reflecting the strength of the recent selling pressure. 🎯 Bearish Scenario The setup focuses on a retracement into the highlighted zone followed by renewed bearish pressure. If sellers regain control from that area, the next significant downside objective is around 2.2890. The key feature of this setup is the contrast between the corrective recovery and the broader sequence of lower highs. A failure to reclaim the 2.3040–2.3050 area would keep the bearish scenario in focus. Bearish bias below the highlighted reaction zone, with 2.2890 as the projected downside objective. Technical analysis for educational purposes only. Not financial advice. #GBPNZD #Forex #ForexTrading #TechnicalAnalysis #PriceAction #TradingView #ForexAnalysis