GBPNZD Wave Analysis – 03 February, 2020

• GBPNZD reversed from resistance area
• Likely to fall to 2.0000

GBPNZD recently reversed down sharply from the resistance area lying between the key resistance level 2.040 (top of the daily Shooting Star) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the earlier short-term impulse wave (iii).

Given the overbought daily Stochastic – GBPNZD is likely to fall further toward the next round support level 2.0000.