GBPNZD Wave Analysis 17 November, 2020

• GBPNZD reversed from support area

• Likely to rise to 1.9400

GBPNZD today once again reversed up from the key support level 1.9110 (which has been reversing the price from July) – which highlights the strength of this support level.

The upward reversal from the support level 1.9110 will most likely form the daily Japanese candlesticks reversal pattern Bullish Engulfing.

GBPNZD is likely to rise further toward the next resistance level 1.9400 (likely price for the completion of the active corrective wave (ii)).