There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
GBP/NZD broke daily up channel
- GBP/NZD broke daily up channel
- Next sell target - 1.8000
GBP/NZD continues to fall after the earlier breakout of the support trendline of the daily up channel from the start of February (which has enclosed the (C)-wave of the previous ABC correction ② from the middle of October). The breakout of this up channel accelerated the active impulse wave (3) – which belongs to the primary impulse wave ③, which started earlier from the resistance level 1.9000 (previous buy target).
GBP/NZD is expected to fall to the next sell target at the round support level 1.8000. Strong resistance remains at 1.9000.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.