GBPNZD Wave Analysis – 8 October, 2019

• GBPNZD broke support area
• Likely to fall to 1.9060

GBPNZD recently broke through the support area lying between the support level 1.9400 (former monthly high from August) and the 38.2% Fibonacci correction of the previous upward correction 2 from July.

The breakout of this support area should accelerate the active short-term impulse wave 3 from last month.

GBPNZD is expected to fall further and retest the next support level 1.9060 (which reversed the price twice in September).