GBP/NZD: buy targets – 2.1600 and 2.1800
By: Dima Chernovolov
- GBP/NZD reached buy target level 2.1400
- Next buy targets – 2.1600 and 2.1800
GBP/NZD continues to rise after the recent breakout of the resistance level 2.1400, which was set as the buy target in our previous report for this currency pair. The price earlier corrected down to the support zone lying at the intersection of the support level 2.1200 and the 50% Fibonacci Correction of the previous upward impulse from the end of the earlier minor correction 2 (as you can see from the daily GBP/NZD chart below). GBP/NZD reversed up from this support zone – breaking today the resistance level 2.1400.
GBP/NZD is likely to rise further toward the next buy targets at 2.1600 and 2.1800. Buy stop-loss can be placed below the recently broken, former resistance level 2.1400.