GBPNZD Wave Analysis – 31 July, 2020

• GBPNZD broke resistance zone

• Likely to rise to 1.9880

GBPNZD recently broke the resistance zone lying between the resistance levels 1.9490 (top of the previous wave (iv)) and 1.9640 (top of wave 4).

The breakout of this resistance zone coincided with the breakout of the 38.2% Fibonacci correction level of the previous sharp downward impulse from May.

GBPNZD is expected to rise further toward the next resistance level 1.9880 (former multi-month support from March).