GBP/NZD: buy target - 2.4000
By: Dmitriy Chernovolov
- GBP/NZD approaches resistance level 2.3500
- Next buy target - 2.4000
GBP/NZD continues to rise inside the intermediate impulse wave (5) – which started from the strong support area lying between the support level 2.2700 (which also previously reversed wave 4 in June), the support trendline of the daily up channel from April and the 38.2% Fibonacci Correction of the previous upward impulse from June.
GBP/NZD is currently approaching the resistance level 2.3500 (which reversed the previous intermediate impulse wave (3) in June). If the price breaks this resistance level - GBP/NZD can then rise to the next buy target at the resistance level 2.4000.