GBPNZD Wave Analysis 17 March, 2021

• GBPNZD reversed from support level 1.9245

• Likely to reach resistance level 1.9465

GBPNZD recently reversed up from the key support level 1.9245 (former resistance from the end for February, which has been reversing the pair from the start of March).

The support zone near the support level 1.9245 was strengthened by the 38.2% Fibonacci correction level of the previous upward impulse (i) and by the upper trendline of the weekly down channel from last August (acting as support after it was broken).

GBPNZD currency pair is likely to rise further toward the next resistance level 1.9465 (top of the previous impulse wave (i)).