GBP/NZD: sell target - 2.3350
By: Dmitriy Chernovolov
- GBP/NZD falls inside intermediate (C)-wave
- Next sell target - 2.3350
GBP/NZD has been falling steadily in the last few trading sessions – following the earlier sharp downward reversal from the pivotal resistance level 2.4500 (which has been reversing the price from the end of last month, as can be seen below). The latest downward reversal from the resistance level 2.4500 started the 3rd minor impulse wave 3 of the intermediate (C)-wave, which belongs to the primary ABC correction ④ from August.
The active impulse wave 3 recently broke the daily up channel from April. GBP/NZD is currently approaching the support level 2.3800. If the price breaks this support level - GBP/NZD can then fall to the next sell target 2.3350.