GBPNZD Chart Technical Outlook moving higher within the 5th wave
Although GBP/NZD posted a bearish outside candle yesterday, which is negative for short-term sentiment, buyers have emerged just inside of our bespoke support level at 2.0518.
We are assessed as being within the 5th wave of a bullish Elliott Wave count. The 261.8% Fibonacci extension level is located at 2.1034.
We have broken out of the corrective channel formation to the upside. Reverse trend line support is located at 2.0430.
A break of yesterday’s high would confirm the continued bullish momentum.