Ever since GBPNZD made a swing low at 1.77 in April 2013 it's been following an upsloping median line set. However, the resistance at 2.105 has proved to be strong enough not to let it develop any higher. Is this triple top going to be restested ance again? As long as we observe price action above the dotted sliding parallel, it is still an option. We might even see a breakout, if the stepping up demand shows enough determination. On the other hand though, the ongoing correction is pretty impulsive in its nature, so a lot depends on how market behaves upon the retest of the 2.0 level, should it occur.
Both currencies are pretty neutral now in terms of their relative strength, with the GBP being a little bit stronger. The sterling has been losing momentum recently though, whereas the kiwi's being gaining it, so in the short term the odds are with the sellers. Now as the market is approaching the support level at about 2.02, it's interesting to see what happens next.
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Disclaimer:
There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
Both currencies are pretty neutral now in terms of their relative strength, with the GBP being a little bit stronger. The sterling has been losing momentum recently though, whereas the kiwi's being gaining it, so in the short term the odds are with the sellers. Now as the market is approaching the support level at about 2.02, it's interesting to see what happens next.
-----------
Disclaimer:
There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
