GBP/NZD - fibo 38.2% level stopped declines
Since August 24, GBP/NZD is in a correction. Currently price reached to fibo 38.2% level of full upward impulse. However, it seems that this is not the end of declines. The current downward movement took the form of simple correction ABC. If there will be often lengths A=C, declines may occur to the level of 2.0800.
Wider view, time-frame W1
Since April 2014, GBP/NZD moves in uptrend. The most dynamic movement took place between April and August 2015. Then the attempt of break resistance at 2.4600 level has failed, and rebound continues to this day. The current decline in the long term should only be correction; after that, price may return to uptrend. The trend shows the fact that the last low was established in April 2013 and in the next months, the price reached new highs and new lows.
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