Forex Analysis

GBPNZD Technical Analysis 11 January, 2021

• GBPNZD broke multi-month resistance level 2.0070
• Likely to rise to resistance 2.0200

GBPNZD currency pair continues to rise after the earlier breakout of the key multi-month resistance level 2.0070 (previous monthly high from July and August as can be seen below). The breakout of the resistance level 2.0070 accelerated the active minor impulse wave (iii) of the higher order upward impulse wave 3 from the start of December.

Given the clear daily uptrend and the rising bullish sterling sentiment that can be seen across the FX markets today GBPNZD currency pair can be expected to rise further toward the next resistance 2.0200 (target price for the completion of the active impulse wave (iii)).


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