GBPNZD Technical Analysis Report 12 January, 2021

• GBPNZD reversed from support level 1.8645
• Likely to rise to 1.9100

GBPNZD currency pair recently reversed up with the daily Japanese candlesticks reversal pattern Double Doji Morning Star from the pivotal support level 1.8645 (which stopped the previous sharp downward impulse wave 1 with the daily Hammer in December as can be seen below) – standing near the lower daily Bollinger Band. The upward reversal from the support level 1.8645 continued the active minor corrective wave 2 from last month.

Given the strength of the support level 1.8645 and the widespread sterling bullish sentiment seen across the FX markets today – GBPNZD is expected to rise further toward the next pivotal resistance level 1.9100 (which reversed the price multiple times during December).

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