GBP/NZD continues to descend following the earlier reversal from the distribution area between the resistance level 1.7960 that has been steadily inverting the price from last October and the upper Bollinger band®. The downward reversal from this resistance zone created the Japanese bearish engulfing pattern, marking the conclusion of the previous minor correction 2. GBP/NZD should fall further to the next short target at the support levels 1.7600 and 1.7470.
GBP/USD continues to move downward after the earlier reversal from the key resistance level 1.2690, the lower boundary of the supply area that has been regularly inverting the pair from November. This price range was also strengthened by the upper daily Bollinger band and by the 38.2% Fibonacci retracement of the previous bearish impulse from September. GBP/USD should fall to the next short target at the support level 1.2300.
GBP/CAD recently reversed to the downside from the supply area between the key resistance level 1.6870 -which has been inverting the price from November- the upper Bollinger band and the 61.8% Fibonacci retracement of the previous bearish impulse from September. The inversion from this resistance zone created the Japanese bearish engulfing reversal pattern, and ended the previous minor correction 2. GBP/CAD should continue to fall toward the next short target at the support level 1.6470.
