Since the beginning of this year to August GBPNZD gain 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 fails, 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.
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