Quick update on GBP pairs.
It's rallied into some key resistance levels on my charts. This could potentially signify exhaustion and lead to speculative selling/profit-taking in the very short term.
Keep a watch on the formation of this daily candle, if it posts some kind of inverted hammer or outside day, then I may look to sell some GBP pairs next week in...
With the BXY looking for a retest following its recent breakout and the ZXY forming a double bottom. This could be a very possible setup from a technical point of view. Fundamental factors to consider are:
2. BOE interest rate decision
3. NZD Interest rate decision
Entry @ ~1.97000-1.98000
SL @ 1.20050
TP @ 1.89575
The 2.00000 level is a key...
Although on a larger scale GBPNZD is technically in an uptrend its at a nice daily supply zone @ 2.0000
I will be looking for shorting opportunities on the lower time frames
Any questions feel free to drop a comment or a message be happy to help
While NZD has been on a decline for couple of weeks, GBP on the other hand is strengthening. However, in the last couple of days, the GBP has been struggling to the momentum - creating lower-high. From H4, a break below 1.91958 could possibly indicate the pair will test the rising trendline or the next support at 1.90264.
PLAN YOUR TRADES AND TRADE YOUR PLANS
OK after 2 profitable trades on this Anglobritphilekiwialicious pair and a drunken 4am chat with the fella on my shoulder, we are going to contiue yesterdays form and bleed this sucka dry.
Missed the SHORT in this wedge so lets go LONG.
See you on the other side.