GBPNZD Wave Analysis – 14 May, 2020

• GBPNZD reversed from key support level 2.014

• Likely to rise to 12.055

GBPNZD recently reversed up sharply from the key support level 2.014 standing near the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse wave from December.

The upward reversal from the support level 2.014 created the second consecutive Japanese candlestick reversal pattern Bullish Engulfing.

GBPNZD can be expected to rise further toward the next resistance level 2.055.