I've been tracking this pair for a while now for my XABCD pattern which is now completed on the daily time frame and I going short on this one and looking for at least 900 pips on this. Good R:R almost 4:1 on this.
Trade safe and good luck.
RSI AND RESISTANCE LEVEL SHOWING POTENTIAL FOR GBP TO REVERSE TO THE BASE OF THE CHANNEL AROUND 1.82 ZONE.
WITH ALL THE POLITICS SWAYING THE PRICE ACTION IN GBP IT IS MOST LIKELY GOING TO BE A STEADY DECLINE OVER THE NEXT 7-8 WEEKS IN LINE WITH PREVIOUS WEEKLY CYCLES.
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
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...
SIMPLE SETUP, price is clearly in a downwards trend and our red box is a clear resistance zone that will also line up with price hitting our trend line....Go for it and treat me to a pint after you make profits.... make mine a strongbow ;p