GBPNZD Wave Analysis 5 April 2024

– GBPNZD reversed from support area

– Likely to rise to resistance level 2.1175

GBPNZD recently reversed up from the support area set between the support level 2.0940 (former strong resistance from September, November and January), 20-day moving average and the 50% Fibonacci correction of the upward impulse from January.

The upward reversal from this support zone continues the active impulse wave 3 of the intermediate impulse (3).

Given the clear daily uptrend, GBPNZD can be expected to rise further to the next resistance level 2.1175, previous monthly high from March.