GBP/NZD broke major support level 1.7750
- GBP/NZD broke major support level 1.7750
- Next sell target - 1.7270
GBP/NZD today broke through the major support level 1.7750 (which stopped the three previous impulse waves - ③, (1) and 1, as can be seen from the daily GBP/NZD chart below). The breakout of the support level 1.7750 is expected to accelerate the active impulse wave 3, which belongs to the intermediate impulse wave (3) of the primary downward impulse ⑤ from the middle of July.
GBP/NZD is expected to fall down further toward the next sell target at the support level 1.7270 (forecast price calculated for the completion of the active impulse wave (3)). Sell stop-loss can be placed above the aforementioned price level 1.7750.