Technical analysis

GBPNZD Wave Analysis – 28 July, 2020

GBPNZD Wave Analysis – 28 July, 2020

• GBPNZD reversed from support level 1.9000

• Likely to rise to 1.945

GBPNZD recently reversed up strongly from the key multi-month support level 1.9000 (which has been reversing the pair from September of 2019, as can be seen below).

The upward reversal from the support level 1.9000 created the daily Japanese candlesticks reversal pattern Hammer.

Given the strongly bearish New Zealand dollar sentiment seen today – GBPNZD is likely to rise further toward the next resistance level 1.945 (top of the previous short-term correction (ii) from June).

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