GBPNZD: losing steam ahead of a no-deal Brexit ?
Good morning Traders and welcome back to my page at the wake of this London session!
The Great British Pound is currently trading at 1.88800 against the New Zealand Dollar during today's London session.
Looking at the weekly timeframe , we have had a bullish engulding candlestick printed that managed to engulf our weekly resistance of 1.87000 reaching close to 1.9000 (as I predicted correctly on my previous analysis).
Following through to our daily timeframe we can see a loss of steam and with the doji printed on the 19th of August.
For this particular pair I am seeing a further fall down to 1.88000 towards our daily trendline that has managed to hold strongly and a likely rise from this level towards our final target of 1.90000.
Fundamentally, there are current signs of a no-deal Brexit following Boris Johnson's letter to Donald Tusk offering alternative arrangements which the EU reiterated. This morning we also saw Boris Johnson's readiness to go through with Brexit on the 31st of October in a reiteration against Jeremy Corbyn who would rather cancel the referendum and continue arguing for Brexit.
I am currently waiting for a break of my trendline to take this pair further to the downside to my weekly resistance of 1.87000, otherwise I will be looking for a break and retest of the level 1.90000 upwards.
Happy trading everyone!
The Great British Pound is currently trading at 1.88800 against the New Zealand Dollar during today's London session.
Looking at the weekly timeframe , we have had a bullish engulding candlestick printed that managed to engulf our weekly resistance of 1.87000 reaching close to 1.9000 (as I predicted correctly on my previous analysis).
Following through to our daily timeframe we can see a loss of steam and with the doji printed on the 19th of August.
For this particular pair I am seeing a further fall down to 1.88000 towards our daily trendline that has managed to hold strongly and a likely rise from this level towards our final target of 1.90000.
Fundamentally, there are current signs of a no-deal Brexit following Boris Johnson's letter to Donald Tusk offering alternative arrangements which the EU reiterated. This morning we also saw Boris Johnson's readiness to go through with Brexit on the 31st of October in a reiteration against Jeremy Corbyn who would rather cancel the referendum and continue arguing for Brexit.
I am currently waiting for a break of my trendline to take this pair further to the downside to my weekly resistance of 1.87000, otherwise I will be looking for a break and retest of the level 1.90000 upwards.
Happy trading everyone!