GBPNZD currency pair recently reversed down from the resistance area lying between the round resistance level 2.0000, upper daily Bollinger and the resistance trendline of the narrow up channel from the end of May. The downward reversal from this resistance zone created the daily candlesticks reversal pattern Bearish Engulfing – which started the active medium-term impulse wave (1). Given the strongly bearish sterling sentiment seen across the FX markets today – GBPNZD currency pair can be expected to fall further toward the next support level 1.96000 (former minor support from the start of June).
