GBPNZD Wave Analysis 9 December 2024

– GBPNZD reversed from key resistance level 2.1840

– Likely to fall to support level 2.1600

GBPNZD currency pair recently reversed down from the resistance zone between the key resistance level 2.1840 (which has been reversing the pair from July) and the upper daily Bollinger Band.

The downward reversal from this resistance zone will likely form the daily Japanese candlesticks reversal pattern Shooting Star.

Given the strength of the resistance level 2.1840 and the overbought daily Stochastic, GBPNZD currency pair can be expected to fall toward the next support level 2.1600.