Technical analysis

GBPNZD Wave Analysis – 25 May, 2021

• GBPNZD reversed from resistance level 1.9775

• Likely to fall to support level 1.9430

GBPNZD currency pair recently reversed down from the major resistance level 1.9775 (former monthly high from end of March) – intersecting with the upper daily Bollinger Band.

The downward reversal from the resistance level 1.9775 stopped the earlier intermediate ABC correction (2).

GBPNZD can be expected to fall further toward the next support level 1.9430 (low of the previous Bullish Engulfing from the start of May).

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