GBP/NZD: buy target - 2.5000
By: Dmitriy Chernovolov
- GBP/NZD reversed from support trendline
- Next buy target - 2.5000
GBP/NZD recently reversed up from the support trendline of the daily up channel from April. The upward reversal from this support trendline (which also earlier reversed the price 3 times in August and at the start of this month) completed the recent intermediate correction (2) – which belongs to the 5th primary impulse wave ⑤ from last month.
GBP/NZD is expected to rise further in the active impulse waves (3) and ⑤ toward the next buy target at the resistance level 2.5000 (which stopped the previous sharp impulse ③ in August). Buy stop-loss can be placed below the aforementioned support trendline.