GBPNZD Chart Technical Outlook develops a corrective structure, bears target 2.0710
GBP/NZD’s broad bias is bearish. Prices have been consolidating for two weeks, and there is scope for a downside price action towards the previous week’s low. The pair is developing an extended WXY corrective structure. Wave (X) is in play, developing a sub-wave ABC structure.
It has a measured move target of AB=CD at 2.0710, which overlaps with the daily ATR range. Resistances are located at 2.0865-95.
