GBPNZD Wave Analysis – 21 May, 2020

• GBPNZD reversed from long-term support level 1.9900

• Likely to rise to 2.0120

GBPNZD recently reversed up from the long-term support level 1.9900 (which reversed the price sharply in the middle of March), standing near the lower daily Bollinger Band and the 50% Fibonacci retracement of the previous uptrend from July of 2019.

The upward reversal from the support level 1.9900 started the active short-term corrective wave (ii).

GBPNZD is likely to rise further toward the next resistance level 2.0120 (former support from the start of May and the likely target for the completion of wave (iv)).