GBP/NZD: buy target – 2.0500
By: Dima Chernovolov
- GBP/NZD broke round resistance level 2.0000
- Next buy target – 2.0500
GBP/NZD has been rising strongly in the last few trading days – following the earlier sharp upward reversal from the major long-term support level 1.9400 (which has reversed the price multiple times from last September, as can be seen from the daily GBP/NZD chart below). The latest upward reversal from the support level 1.9400 started the active minor ABC correction 2. The price yesterday broke the round resistance level 2.0000 (top of the previous minor correction (iv)). The breakout of this resistance level further accelerated the active minor (c)-wave.
GBP/NZD is likely to rise further inside the active minor (c)-wave toward the next buy target at 2.0500 (which is the forecast price for the termination of the active ABC correction 2).