• GBPNZD reversed from support area
• Likely to reach resistance level 1.9460
GBPNZD currency pair recently reversed up from the support area lying between the support level 1.9250 (which has been reversing the price from the start of March as can be seen below) and the 38.2% Fibonacci correction of the previous upward price impulse from the start of February. The upward reversal from this support area created the daily reversal pattern Hammer – which stopped the previous short-term corrective wave (ii) from the start of this month.
Given the improvement in Sterling sentiment – GBPNZD currency pair can be expected to rise further in the active impulse waves (iii) and 3 toward the next resistance level 1.9460 (top of the previous minor impulse wave (i)).