Technical analysis

GBPNZD Wave Analysis – 12 December, 2022

GBPNZD Wave Analysis – 12 December, 2022

• GBPNZD reversed from key support level 1.9135

• Likely to rise to resistance level 1.9400

GBPNZD today reversed up from the key support level 1.9135 (which has been repeatedly reversing the pair from the start of November) – intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 1.9135 will form the daily Japanese candlesticks reversal pattern Bullish Engulfing – if the pair closes today near the current levels.

GBPNZD gas can be expected to rise further toward the next resistance level 1.9400 (top of the earlier minor correction (ii) from the start of this month).

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