GBPNZD Technical Analysis 22 October, 2021

• GBPNZD reversed from support zone
• Likely to rise to resistance level 1.9335

GBPNZD currency pair continues to rise inside the minor corrective wave 2, which started earlier – when the price reversed up from the support zone lying between the major support level 1.9170 (which has been reversing the price from March) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing.

Given the strength of the aforementioned support zone, oversold daily Stochastic – GBPNZD currency pair can be expected to rise further toward the next resistance level 1.9335 (former monthly low from the start of September).

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