Support this analysis with your likes and comments! GBPNZD 4-hourly chart above reveals what can be seen as a five-wave impulse pattern, labeled (1)-(2)-(3)-(4)-(5). According to the EW theory, impulses show the direction of the larger trend and a three-wave correction follows every impulse pattern.
In GBPNZD's case, the correction unfolded a (w)-(x)-(y) double zigzag pattern. The pullback seems to have completed as it rejected a swing level, contained with a channel, and drop bullish price action signals.
According to Elliot Wave's theory, once a 5-3 (impulse-corrective) cycle is completed, the market should resume in the direction of the impulse which is bullish in GBPNZD case.
The break of the green line will confirm that the bulls have takeover.
The red line is the invalidation level for this setup.
Targets above wave "a" high is plausible in the days ahead.
What's your view on GBPNZD? Let me know in the comment!