GBPNZD Chart Technical Outlook

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.

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