GBPNZD Wave Analysis – 15 November , 2018

• GBPNZD broke strong support area
• Further losses are likely

GBPNZD recently broke through the strong support area lying between the key support level 1.9080 (which reversed the price in August) and 1.8920 (which has been reversing the price from February).

The breakout of this support area accelerated the active impulse wave (c) which is a part of the sharp downward ABC correction (ii) from October.

With the price level 1.8920 acting as a strong resistance after it was broken – GBPNZD is expected to fall down further and re-test the next support level 1.8620 (low of the previous correction 2 from January).