GBPNZD Wave Analysis 6 January, 2021

• GBPNZD broke key support level 1.8800

• Likely to fall to 1.8525

GBPNZD continues to fall after the price broke below the key support level 1.8800 (which stopped the previous corrective wave (b) in the middle of December as can be seen below).

The breakout of this support level 1.8800 continues the active short-term impulse 3 belonging to the extended onward impulse sequence (C) from last August.

GBPNZD is expected to fall further toward the next support level 1.8525 (low of the previous impulse wave 1) – from where the price is likely to correct up.