Technical analysis

GBPNZD Wave Analysis – 20 July, 2022

GBPNZD Wave Analysis – 20 July, 2022

• GBPNZD reversed from support level 1.9135

• Likely to rise to resistance level 1.9400

GBPNZD recently reversed up from the pivotal support level 1.9135 (which has been reversing the pair from the middle of April), strengthened by the lower daily Bollinger Band and the 50% Fibonacci correction of the upward move from April.

The upward reversal from the support level 1.9135 stopped the earlier short-term impulse wave 3.

Given the strength of the support level 1.9135, GBPNZD can be expected to rise further toward the next resistance level 1.9400.

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