GBP/NZD: sell target - 2.2000
By: Dmitriy Chernovolov
- GBP/NZD broke support level 2.2600
- Next sell target - 2.2000
GBP/NZD continues to fall after the recent breakout of the support level 2.2600 (which earlier reversed previous waves 3 and (A) in October, as you can see below). The breakout of the support level 2.2600 is likely to accelerate the active minor impulse wave 3, which belongs to the sharp intermediate (C)-wave – which, in turn, belongs to the primary ABC correction ② from the end of August.
GBP/NZD is likely to fall further in the active waves 3, (C) and ② toward the next sell target at the support level 2.2000. Sell stop-loss can be placed at half the daily ATR (Average True Range) above the resistance level 2.2600.