GBP/NZD: sell target - 2.1000
By: Dmitriy Chernovolov
- GBP/NZD broke strong support zone
- Next sell target - 2.1000
GBP/NZD continues to fall after the recent sharp breakout of the strong support zone lying between the support levels 2.1550 and 2.1750 (which has been reversing this currency pair from the end of December, as can be seen from the daily GBP/NZD chart below). This support zone earlier reversed up the previous impulse waves (1) and (i). The breakout of this support zone is likely to accelerate the active minor impulse wave 3, which belongs to intermediate impulse (3) of the primary Ⓒ-wave from November.
GBP/NZD is likely to fall further toward the next sell target at the support level 2.1000 (target price for the completion of the active impulse wave 3).