GBPNZD Wave Analysis 19 March 2024

– GBPNZD broke resistance level 2.0895

 – Likely to rise to resistance level 2.1200

GBPNZD today broke the major resistance level 2.0895 (which has been reversing the price from the end of October, as can be seen from the daily GBPNZD chart below).

The breakout of the resistance level 2.0895 coincided with the breakout of the 50% Fibonacci correction of the previous downtrend from August.

Given the strongly bullish sterling sentiment, GBPNZD currency pair can be expected to rise further toward the next resistance level 2.1200.