GBP/NZD At Resistance – Elliott Wave Analysis

After a strong five-wave decline in 2015, ideally into a wave A), we see trading in a complex W-X-Y corrective structure for a higher degree wave B) that can be approaching the end soon, ideally somewhere in the previous wave 2 zone, at the upper channel line and between 2.10-2.20 area. That said, a sharp drop towards the 1.927 level would be bearish for the pair.

GBP/NZD Weekly Chart

Trade well,
The EW-Forecast team

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