GBP/NZD: buy target - 2.1400
By: Dima Chernovolov
- GBP/NZD reached buy targets 2.0930 and 2.1050
- Next buy target - 2.1400
GBP/NZD has been rising sharply in the last few trading sessions – breaking through the two resistance levels 2.0930 and 2.1050, - both of which were set as the buy targets in our previous forecast for this currency pair. After reaching these targets, GBP/NZD corrected down to the strong support level 2.0840 (former strong resistance level which stopped the previous waves (3) and B in February and March, as you can see below). The price reversed up from this support level with the daily Japanese candlesticks reversal pattern Piercing Line.
GBP/NZD is likely to rise further toward the next buy target 2.1400 (which reversed the price earlier last week). Buy stop-loss can be placed below the strong support level 2.0840.