Technical analysis

GBPNZD Wave Analysis 20 January, 2021

GBPNZD Wave Analysis 20 January, 2021

• GBPNZD reversed from resistance level 1.9140

• Likely to fall to support level 1.8925

GBPNZD recently reversed down from the major resistance level 1.9140 (which has been reversing the price from the start of December), intersecting with the upper daily Bollinger band and the 50% Fibonacci correction level of the downward impulse (i) from October.

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. Strong resistance remains at the resistance level 1.9140.

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