GBP/NZD: buy target - 2.400
By: Dmitriy Chernovolov
- GBP/NZD reversed from support zone
- Next buy target - 2.400
GBP/NZD continues to rise – following the earlier sharp upward reversal from the support area lying at the intersection of the following support levels: the support trendline of the daily up channel from April, the 61.8% Fibonacci Correction of the previous sharp upward impulse wave 5 and the support level 2.3270. The upward reversal from this support area completed the previous intermediate ABC correction (4).
GBP/NZD is likely to rise further inside the active intermediate impulse wave (5) toward the next buy target at the resistance level 2.400 (which stopped the previous sharp impulse wave (3)).