Elliott wave Analysis: GBPNZD Looking Lower

GBPNZD is trading lower, after a three-wave rally unfolded from 1.8617 level as part of wave 2. Current decline can now be part of a new bearish cycle, that may take days or weeks to fully unfolded, with sub-wave 1) leading the way. A closer look even suggest that sharp decline can be part of sub-wave 1), and can take price towards the 1.880 region, where Fibonacci projection of 161.8 projects a base for minor wave 3.

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