GBPNZD recently reversed down from the powerful, multi-month support level 1.90850 (which formed the Double Bottom chart pattern in July) – intersecting with the lower daily Bollinger Band. The upward reversal from the support level stopped the previous medium-term impulse wave (3). Given the strength of the support level 1.90850 and the growing NZD bearishness seen across the FX markets today, GBPNZD is likely to rise further toward the next resistance level 1.95000 (top of the daily bearish engulfing from the start of November).
