GBP/NZD: buy target - 2.2200
By: Dmitriy Chernovolov
- GBP/NZD reached sell target 2.1690
- Next buy target - 2.2200
GBP/NZD continues to rise after the earlier upward reversal from the support zone lying between the support level 2.1690 (previous sell target set for this currency pair) and 2.1550 (low of the previous intermediate impulse wave (1)). The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing, which marked the end of the previous minor impulse wave (i).
With the clear bullish divergence visible on the daily Stochastic indicator - GBP/NZD can be expected to rise further from the current levels toward the next buy target at the resistance level2.2200 (which has been reversing the price from the start of January).