GBP/NZD forms a bearish setup – Elliott Wave intraday analysis
|GBP/NZD pair made a clear five-wave impulsive decline from the highs, which confirms top in place. We can now see it unfolding an abc correction, and it’s currently coming nicely higher for wave »c«. Ideal resistance comes at 38,2% - 50% Fibonacci retracement and 2,26 – 2,27 area, from where we can expect a bearish continuation. As long as the price is below 2,33 invalidation level, we will remain bearish.
GBP/NZD two-hour chart
Basic bearish Elliott wave pattern shows that after a five-wave drop, followed by an abc corrective recovery, we can expect further weakness.
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