Preferred Elliott Wave view suggests pair ended wave W at 1.9235, wave X bounce is in progress and taking the form of a (w) – (x) – (y) Elliottwave structure. Wave (w) ended at 1.9772, wave (x) at 1.9323 and wave (y) is in progress as a FLAT. Equal legs – 1.236 ext area of (w) – (x) lies between 1.9865 – 1.9992 where we expect wave X to finish and pair to resume the decline for new lows as far as price stays below 1.618 ext of (w) – (x) at 2.0192. Key pivot on the upside is 12/9 (2.0540) high and should also remain intact in our system for new lows to be seen. As market moves in sequence of 3, 7 & 11 swings, we expect to get a reaction lower at least in 3 waves from above area. 

GBPNZD


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