GBPNZD Wave Analysis – 26 February, 2020

• GBPNZD reversed from powerful resistance level 2.055
• Likely to fall to 2.0380

GBPNZD recently reversed down from the resistance area lying between the powerful resistance level 2.055 (which stopped the sharp uptrend in October) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the previous short-term impulse wave (iii).

Given the overbought daily Stochastic and the strong Sterling bearishness seen today – GBPNZD is likely to fall further toward the next support level 2.0380.