Technical analysis

GBPNZD Wave Analysis – 7 June 2023

– GBPNZD reversed from support level 2.0390

– Likely to rise to resistance level 2.0730

GBPNZD recently reversed up sharply from the powerful support level 2.0390 (which stopped the two previous sharp upward impulses in October and April).

The upward reversal from the support level 2.0390 continues the clear multi-month uptrend from the start of this year.

Given the predominant uptrend, GBPNZD can be expected to rise further toward the next resistance level 2.0730 (top of the previous minor impulse wave (i)).

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