GBPNZD expected to rise up to 1st resistance at 1.93699 where it could potentially react off and drop down to 1st support at 1.92926.
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Losses can exceed the initial investment so please ensure you fully
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GBP/NZD 1H Chart: Channel Down
The British Pound is losing value against the New Zealand Dollar in a short-term descending channel that formed in result of a rebound from the monthly R1 at 1.7916 made by the exchange rate two weeks ago.
In the first hours of Monday trading session the currency pair made a number of attempts to break to the top, but was stopped...
We have two scenarios
But first the market must go to 1.75758
If 1.75267 was broken the market will go to 1.72648
If 1.75267 stayed strong the market will move to 1.78419 and it will move back to 1.72648
This is a new way in Elliott waves counting by time cycles more logical more Easier and more faster
You will see my results :D
Looking for a long-entry off the lower trendline. Keep in mind the pound is in a delicate situation and there is a good change the lower trendline will break and we will head to newer lows. Keep a sensible stop loss and hold the position long-term.