Potential trend-continuation breakout on the horizon
Good afternoon all,
By the looks of things, it seems as though the GBP/NZD is setting up for something big. At least, larger than has been recently at play in the pair.
We can see price continuing to trade within its recent parameters of the descending level and the liquidity pool below which is situated at approximately 1.91800.
We expect price to continue trading within these paramaters for a while longer too which gives us all time to prepare for either the bullish or bearish breakout that we ultimately see is on the horizon.
The triggers for both are simple, a full breakout and retest of the descending level (top of price) for a potential long with targets in the region of the 1.93 magnet and beyond OR a full breakout and retest of the lower liquidity pool for shorts down in the region of 1.91500 and beyond.
On the higher timeframes, we can see price is at a major daily decision point, should price go for the bear breakout, the fall could be a lot larger than the climb.
Lets see what happens.
Catch you soon!
By the looks of things, it seems as though the GBP/NZD is setting up for something big. At least, larger than has been recently at play in the pair.
We can see price continuing to trade within its recent parameters of the descending level and the liquidity pool below which is situated at approximately 1.91800.
We expect price to continue trading within these paramaters for a while longer too which gives us all time to prepare for either the bullish or bearish breakout that we ultimately see is on the horizon.
The triggers for both are simple, a full breakout and retest of the descending level (top of price) for a potential long with targets in the region of the 1.93 magnet and beyond OR a full breakout and retest of the lower liquidity pool for shorts down in the region of 1.91500 and beyond.
On the higher timeframes, we can see price is at a major daily decision point, should price go for the bear breakout, the fall could be a lot larger than the climb.
Lets see what happens.
Catch you soon!