• GBPNZD reversed from key resistance level 1.9180
• Likely to fall to support level 1.8920
GBPNZD recently reversed down from the key resistance level 1.9180 (which has been steadily reversing the price form the start of December) intersecting with the upper daily Bollinger band and the 50% Fibonacci correction of the previous sharp downward impulse from October. The downward reversal from the resistance level 1.9180 started the active impulse waves 1 and (3).
Given the predominant downtrend that can be seen on the daily charts – GBPNZD can be expected to fall further toward the next support level 1.8920 (low of the morning star from last month – which also reversed the price at the start of February).