GBP/NZD - after 4 months of declines, rebound is likely
Since the beginning of this year to August, GBP/NZD gained almost 25%. In August, there was a correction that lasts until today. Currently there is a great moment to rebound. Price reached to Fibonacci 50% level of previous upward movement. That level is strengthened by supports formed in 2010 and 2011. If price will rebound, it could back to this year's high. Resistances are at levels: 2.2660, 2.3000, 2.3500, 2.4000, 2.4520.
However if bulls fail, target for bears are located at levels: 2.1570 (Fibonacci 61,8% and support), area 2.0800. In that last area, there is Fibonacci 78,6%, support and equal length of the current correction AB = CD. If there won't be rebound before that level, that last area is strongest level to stop falls.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.