I expect another leg down to be starting now or very soon. I believe at this point the odds are with the sellers. The GBP has been strengthening of late and now is quite overbought, beginning a falling phase of momentum cycle. The NZD - exactly the opposite. So a decline in price of this pair is a reasonable expectation. There is yet that bull trend line though, which may exert some support on price, so, to eliminate the extra risk, you might like to wait for it to be broken first. However, if it fails, you'll know it very fast, as the setup will be invalidated as soon as price closes above the red down sloping sliding parallel.