GBP/NZD: sell target - 2.3270
By: Dmitriy Chernovolov
- GBP/NZD reversed from strong resistance level 2.4000
- Next sell target - 2.3270
GBP/NZD continues to decline after the recent downward reversal from the strong resistance level 2.4000 (which has been reversing the pair from the middle of July – stopping the previous waves (3),1 b (a), as you can see below). The latest downward reversal from the resistance level 2.4000 created the daily Japanese candlesticks reversal pattern Bearish Engulfing – starting the active minor corrective wave (b).
With the clear bearish divergence visible of the daily RSI indicator, GBP/NZD is expected to fall further toward the next sell target at the support level 2.3270.