GBPNZD Wave Analysis – 5 May, 2020

• GBPNZD reversed from resistance zone
• Likely to fall to 2.029

GBPNZD recently reversed down from the resistance zone located between the pivotal resistance level 2.0710 (which has been reversing the price from April), 61.8% Fibonacci retracement of wave 1 and the upper daily Bollinger Band.

The downward reversal from this resistance area created the second consecutive Japanese candlesticks reversal pattern Shooting Star.

GBPNZD is expected to fall further toward the next support level 2.029 (low of the previous short-term impulse wave 1).