Hi Traders! GBPNZD has been trading a corrective channel for about two months. The pattern within the channel is unfolded as a double zigzag pattern. According to Elliot Wave theory, once a correction is completed the price will resume in the direction of the dominant trend. It's bearish in the GBPNZD case.
Another technical analysis that's supporting bearish reversal is the rejection of the 200 EMA and long-term descending trendline. The breach of the 1.91653 key level will confirm the correction is completed and the price has resumed the downtrend.
What's your view on GBPNZD? Let me know in the comment. Thanks, Veejahbee.
IHS starting early December means we have broken through the horizontal at 1.92. Usually will continue Long after that until 1.945 where previous congestion occurred.