GBP/NZD: sell target 2.0500
By: Dmitriy Chernovolov
- GBP/NZD reached sell target 2.1000
- Next sell target 2.0500
GBP/NZD recently broke below the support level 2.1000, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level continues the sharp minor impulse wave 3, which belongs to the intermediate impulse wave (3) of the primary downward impulse wave ③ from last November, as can be seen from the daily GBP/NZD chart below.
GBP/NZD is expected to fall further in the three active impulse waves 3, (3) and ③ toward the next sell target at the support level 2.0500 (target price calculated for the completion of impulse wave (3)). Sell stop-loss can be placed above the recently-broken price level 2.1000.