GBP/NZD At Resistance/Bearish Zone – Elliott Wave Analysis
After a strong and five-legged decline in 2015, GBP/NZD started to trade into bullish, however overlapping, trading out a W-X-Y corrective structure for a higher degree wave B). We see price now at possible resistance and reversal point, at 2.15/2.20 zone, where the upper corrective channel line, and the various Fib. ratios (50.0 and 61.8) can slow the bulls down, and push price into a new higher degree bearish cycle.
A strong drop, and in five legs, also below the 1.935 level, and the lower corrective channel line would be bearish for the pair.
GBPNZD, weekly
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