GBP/NZD: buy target - 2.3800
By: Dmitriy Chernovolov
- GBP/NZD broke resistance level 2.3350
- Next buy target - 2.3800
GBP/NZD continues to rise after the pair recently broke the resistance level 2.3350 (which reversed the previous intermediate impulse wave (1) at the start of this month, as you can see below). The breakout of the resistance level 2.3350 is likely to accelerate the active intermediate impulse wave (3) – which belongs to the primary impulse wave ⑤ which started in October (when the pair reversed up from the support zone lying between the support level 2.2500, the lower daily Bollinger Band and the 50% Fibonacci Correction of the previous upward impulse ③ from April).
GBP/NZD is likely to rise in the active impulse wave (3) toward the next buy target at the next resistance level 2.3800 (former support level from September).