GBPNZD Wave Analysis – 22 February 2023

• GBPNZD reversed from resistance level 1.9436

• Likely to fall to level 1.9275

GBPNZD currency pair recently reversed down from the resistance level 1.9436 (which has been reversing the price from the start of November) standing above the upper daily Bollinger Band.

The downward reversal from the resistance level 1.9436 stopped the previous intermediate impulse wave (3).

Given the overbought daily Stochastic, GBPNZD can be expected to fall further toward the next support level 1.9275 (former top of the impulse wave 1).