GBP/NZD: sell target – 2.100
By: Dmitriy Chernovolov
- GBP/NZD reversed from resistance trendline
- Next sell target – 2.100
GBP/NZD recently reversed down from the upper resistance trendline of the extended daily down channel (which has been repeatedly reversing this currency pair from last August, as can be seen from the daily GBP/NZD chart below). The resistance zone near this resistance trendline was strengthened by the 38.2% Fibonacci correction of the previous sharp downward impulse from January.
The downward reversal from this resistance trendline stopped the previous minor impulse wave 1 from the end of February. GBP/NZD is likely to fall further to the next sell target at the support level 2.100, which reversed the price earlier this month.