Technical analysis

GBPNZD Wave Analysis 11 February, 2021

GBPNZD Wave Analysis 11 February, 2021

• GBPNZD reversed from resistance level 1.9165

• Likely to test support level 1.8925

GBPNZD recently reversed down from the pivotal resistance level 1.9165, which has been steadily reversing this currency pair from the start of December.

The resistance area near the resistance level 1.9165 was strengthened by the upper daily Bollinger band and by the resistance trendline for the daily down channel rom August.

Given the bearish market sentiment toward the sterling today – GBPNZD can be expected to fall further toward the next support level 1.8925 (which reversed the price with the daily Morning Star last month).

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