GBP/NZD is unfolding a wave C as part of a bigger, bearish reversal, down from March high. We are observing a five-wave move within a wave C, which can extend its weakness towards the 1.89/1.88 level. At the moment we specifically see price at the end of a minor leg v) of three of C, so be aware of a temporary low, and support, and a push up into a wave iv correction, at the Fib. ratio of 100.0, and at the lower Elliott wave channel line (1.91/1.89 region).

GBPNZD, 4h

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