GBPNZD recently reversed up from the support area set between the support level 1.92000 (former strong support from March), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from December. The upward reversal from this support area stopped the previous impulse wave (3). With the oversold daily Stochastic and the moderately bullish sterling sentiment seen across the FX markets today – GBPNZD currency pair can be expected to rise further toward the next resistance level 1.94000.
