• GBPNZD reversed from resistance area
• Likely to reach support level 1.9600
GBPNZD recently reversed down with the daily Japanese candlesticks reversal pattern Shooting Star from the combined resistance area lying between the long-term resistance level 1.980 (former monthly high form October of 2020), upper daily Bollinger Band and the resistance trendline of the daily up channel from the end of February. The downward reversal from this resistance area stopped the earlier intermediate ABC correction 2 from the stat of December.
Given the continued bearish sterling sentiment seen across the FX markets today – GBPNZD is likely to fall further toward the next support level 1.9600 (former minor support from the end of March).
