GBPNZD Wave Analysis – 08 November, 2019

• GBPNZD reversed from support zone
• Likely to rise to 2.0400.

GBPNZD recently reversed up from the support zone lying between the round support level 2.000 (former monthly high from May and September) and the 50% Fibonacci correction of the previous upward impulse (i) from October.

The upward reversal from this support zone started the active short-term impulse wave (iii).

GBPNZD is expected to rise further and retest the next resistance level 2.0400 – followed by 2.0500.