Here we have GBPNZD which is currently definitely in a bearish trend with multiple lower highs and lower lows forming on the 4hr timeframe chart.
Price is pulling back to the bearish trendline now and I envisage a potential lower high being formed at the fib 0.618/trendline zone which is around 1.85500
Alternatively, if we see no rejections of the fib 0.618...
GN is in a consolidating market, it is right at the support level, we can buy when the London market is active so we have a clearer picture if the bearish pressure will carry on
GBP NZD buy
swing trade stop loss sand tp
will be moving stop loss to day trade level (on my page already) if the trade opens at a suitable zone on the trend line where the third touch will be closer to our entry.
after 30-40 pips we recommend trailing your stop loss to your entry
Potential Long position on GBP NZD. Awaiting third touch of TL before entry.
Entry price also key pivot area for this pair.
My stop loss will be sat 30 pips below my entry
TP1- +30 PIPS
TP2- +50 PIPS
TP3 sat around the 100 pip area but be aware that there is fairly high potential for this being a 150 pip move
as we can see here on the GBP/NZD chart that the market has been trending within a long and sharp downtrend for a while now. as of the current market conditions the market has broken done past the original support trend line to move down to a previous support area, then create structure and bounce to retest the broken trend line to now use it as a resistance....
The British Pound vs. the New Zealand Dollar cross is one of the most volatile one among GBP pairs. The New Zealand Dollar is often viewed as a proxy for Chinese growth and thus have performed well against the Euro in recent years. But on the hand, the British Pound is one of the premier reserve currencies and represents the world's largest financial center.
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