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 reversed from resistance zone
- GBP/NZD reversed from resistance zone
- Next sell target - 1.7400
GBP/NZD continues to fall inside the minor corrective wave 2, which started earlier from the resistance zone lying between the resistance level 1.7900 (which reversed multiple corrective waves in July, as can be seen from the daily GBP/NZD chart below), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp downward impulse (1) from May. GBP/NZD is expected to fall to the next sell target at the next support level 1.7400 (which reversed the price in June and July).
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.