GBPNZD recently reversed down from the resistance area lying between the powerful, multi-month resistance level 2.0000 (which also stopped the sharp uptrend at the start of May) and the upper daily Bollinger Band. The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Shooting Star – which stopped the earlier wave (2). With the daily Stochastic indicator still in the overbought area -GBPNZD is likely to continue the downward correction toward the next support level 1.9800. If the price breaks the resistance level 2.0000  GBPNZD can then rise to the next resistance level 2.0200.