GBPNZD: Heading to new highs ahead Balmoral prorogation ?
Good morning Traders and welcome back to my page on this NY session!
The Great British Pound is currently trading at 1.92200 against the New Zealand Dollar during today's NY session.
Taking a look at the weekly timeframe , we have had a very heavy bullish engulfing candlestick that managed to break through our weekly resistance of 1.90800 (for accurate precision) which is currently creating bullish pressure to our next level around 1.95000 - a level I previously predicted for this pair.\u2028\u2028Following through to our daily timeframe we can see healthy higher highs being created with little sign of it breaking down below 1.90800 for now.
The 4HR candlestick closure on the 26th of August (Monday 22:00 UTC+1 time) was the perfect confirmation for me to take this pair higher. This morning we have also had the perfect retracement down to our 78.6% Fib level alongside our 1.92500 zone which works perfectly for this pair so I will remain bullish for this pair now until it reaches my target of 1.95000 (monthly resistance).
Fundamentally, we are awaiting some important updates for the Pound. Currently awaiting on the Queen’s prorogation of parliament as requested by PM Boris Johnson which will be confirmed later on today at the privy council at Balmoral. Which isn’t enough for me to see a downside for the Pound just yet. A change of stance for me would come would come if the Pound failed a higher high as well as heavy bearish pressure down to 1.90800 back again which I will as always keep updated.
The Great British Pound is currently trading at 1.92200 against the New Zealand Dollar during today's NY session.
Taking a look at the weekly timeframe , we have had a very heavy bullish engulfing candlestick that managed to break through our weekly resistance of 1.90800 (for accurate precision) which is currently creating bullish pressure to our next level around 1.95000 - a level I previously predicted for this pair.\u2028\u2028Following through to our daily timeframe we can see healthy higher highs being created with little sign of it breaking down below 1.90800 for now.
The 4HR candlestick closure on the 26th of August (Monday 22:00 UTC+1 time) was the perfect confirmation for me to take this pair higher. This morning we have also had the perfect retracement down to our 78.6% Fib level alongside our 1.92500 zone which works perfectly for this pair so I will remain bullish for this pair now until it reaches my target of 1.95000 (monthly resistance).
Fundamentally, we are awaiting some important updates for the Pound. Currently awaiting on the Queen’s prorogation of parliament as requested by PM Boris Johnson which will be confirmed later on today at the privy council at Balmoral. Which isn’t enough for me to see a downside for the Pound just yet. A change of stance for me would come would come if the Pound failed a higher high as well as heavy bearish pressure down to 1.90800 back again which I will as always keep updated.