Technical analysis

GBPNZD Wave Analysis 20 December 2023

– GBPNZD broke key support level 2.0290

– Likely to fall to support level 2.0000

GBPNZD currency pair recently broke the key support level 2.0290 (which has been reversing the price from the middle of June).

The breakout of the support level 2.0290 coincided with the breakout of the 50% Fibonacci correction of the upward impulse from April.

Given the strongly bearish sterling sentiment, GBPNZD can be expected to fall further to the next round support level 2.0000.

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