Two downward channels to keep an eye on for GBPNZD on the 4 hourly timeframe. Price currently looks like it is preparing to take out the recent low as we continue to move away from the 78.6 % Fibonacci level. Price is also looking to move away from the support turned resistance zone (pink area), which should also support a move to the downside, as bears look to take out any stops placed below the recent swing low