GBPNZD recently reversed down from the resistance area lying between the major long-term resistance level 2.05500 (which stopped the sharp uptrend in October) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous impulse waves 3 and (3). Given the strength of the resistance level 2.05500, overbought daily Stochastic and the rising bearish Sterling bullish sentiment seen across the markets today – GBPNZD is expected to fall further toward the next support level 2.03300.
