GBPNZD Technical Analysis 18 November, 2021

• GBPNZD reversed from resistance zone
• Likely to fall to support level 1.8900

GBPNZD currency pair recently reversed down from the resistance zone lying between the key resistance level 1.9322 (former support from May and September), intersecting with the upper daily Bollinger Band and the 50% Fibonacci correction of the downward price impulse (C) from October. The downward reversal from the resistance level 1.9322 stopped the earlier minor impulse wave from the start of November.

Given the reversal of the earlier bullish sterling sentiment seen across the currency markets today, GBPNZD currency pair can be expected to fall further toward the next support level 1.8900.

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