EWM Interactive | Jan 12, 2017 07:24AM ET
GBP/NZD almost reached 1.8000 a month ago, but the bulls ran out of fuel a fraction of a pip lower. Then the bears took the torch to drag the pair as low as 1.7212 as of today. However, instead of selling after e decline of almost 590 pips, we believe the buyers are ready for another attempt to conquer 1.8000. And this time chances are it is going to be a successful one. The chart below explains why.
According to the stop-loss level right below the bottom of wave 5 of (c) of B. Until then, GBP/NZD might continue to decline, but as long as 1.6704 holds, the bulls’ ambitions should not be underestimated.
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