GBPNZD Wave Analysis – 21 October, 2021

• GBPNZD reversed from support area

• Likely to rise to resistance level 1.9400                                                                  

GBPNZD recently reversed up from the major support area located between the major support level 1.9200 (which has been reversing the pair from March) and the lower weekly Bollinger Band.

The upward reversal from this support area stopped the previous sharp intermediate impulse wave (3).

Given the strength of the aforementioned support area and the oversold weekly Stochastic – GBPNZD can be expected to rise further toward the next resistance level 1.9400.