Technical analysis

GBPNZD Wave Analysis 8 February, 2021

GBPNZD Wave Analysis 8 February, 2021

• GBPNZD under bearish pressure

• Likely to fall to support level 1.8925

GBPNZD under bearish pressure after the earlier downward reversal from the resistance level 1.9140 (which has been steadily reversing the price from the start of December) standing close to the upper daily Bollinger Band and the 50% Fibonacci retracement of the downward impulse (5) from October.

The resistance area near the resistance level 1.9140 was further strengthened by the resistance trendline of the daily down channel from August.

GBPNZD is expected to fall further toward the next support level 1.8925 (which stopped previous minor impulse wave (i)).

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