• GBPNZD reversed from support area
• Likely to rise to 1.9460

GBPNZD recently reversed up sharply from the support area located between the support level 1.9100 (former strong support from the middle of September) and the lower daily Bollinger Band. The support level 1.9100 is also the upper boundary of the strong support zone which has been reversing the price from the start of July – as can be seen from the daily GBPNZD chart below. The upward reversal from this support zone stopped the previous sharp downward impulse wave 3 from October.

With growing sterling optimism and the NZD bearishness seen today – GBPNZD is mostly likely to continue to rise toward the next strong resistance level 1.9460 (top of the previous candlesticks reversal pattern Bearish Engulfing from the start of November).