as we can see here GBP/NZD has been previously in an up trending funnel. from this funnel, it then broke to the downside for the market to move momentum into new downside areas. after an approximately 100 pip drop
, it then created new structure with a small double top
as a sign of market confirmation. after this point market momentum then bounced to a strong upside move, to then test the previously broke support trend line
. after the test of the support line, there was a small double top
, with a high crossing stochastic
and a high RSI
, these are great and strong conformations that market has settled and now will hopefully make a move back to the downside. so with help from these factors, we should be looking for a short term sell opportunity to the downside.