GBP NZD: Trading in a Falling Wedge

GBP/NZD is currently trading within a Falling Wedge (chart pattern labelled in blue color). This currency pair was rejected at 200D EMA (red line) which is also the 61.8% Fibonacci Retracement Resistance (also the support turned resistance level) at about 2.24. Base on the chart pattern and Fibonacci Expansion, GBP/NZD expect to move lower to the 1st target of 2.08575 (previous resistance) followed by the 161.8% Fibonacci Retracement level at about 2.01983.

GBP NZD Feb 6-2016