• GBPNZD reversed from resistance level 1.9685
• Likely to fall to support level 1.9500
GBPNZD currency pair just reversed down form the the pivotal resistance level 1.9685 (former strong support from June and August, which stopped the previous waves (B) and (a), as can be seen from the daily GBPNZD chart below) – strengthened by the nearby daily Bollinger Band. The downward reversal from the resistance level 1.9685 stopped the previous immediate impulse wave (3).
Given the strength of the resistance level 1.9685 and the falling sterling sentiment seen across the FX markets today (on the acceleration of Omicron spread in UK), GBPNZD currency pair can be expected to fall further toward the next support level 1.9500.