GBP/NZD: sell target - 2.1690
By: Dmitriy Chernovolov
- GBP/NZD reversed from resistance zone
- Next sell target - 2.1690
GBP/NZD recently reversed down sharply from the resistance zone lying between the strong resistance level 2.2200 (which has been reversing the price from last month, as you can see below), the upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp downward impulse wave 1 from the middle of November. The latest downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Falling Star.
Given the strength of the resistance zone near the resistance level 2.2200 - GBP/NZD is likely to fall further from the current levels toward the next sell target at the support level 2.1690 (which stopped the previous (a)-wave in January).