GBP/NZD – Reversal Update

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Updated: 14 August 2020

Good day traders! Since my previous update on the 4th of August, the GBP/NZD continued pushing higher and has now reached all three targets. I’m still expecting a correction lower and perhaps that will happen around the 50% Fib retracement level measured from where the previous impulse lower started from in April.

Previous support, at the lows that formed in March, could also now act as resistance. Should the GBP/NZD correct lower, then I would expect a multi-day correction that could provide another buying opportunity.

Potential targets, if a correction takes place, will be the high from where a correction started from and the 2.0260 level.

More updates to follow.

Bias: Bullish after a correction

Potential Resistance: 50% Fib retracement level and March lows.

Potential Targets: High from where correction started from and 2.0260

Until next time, have a great weekend and stay safe!

Richard Krugel