Established weekly channel formed which has recently rejected breaking the support and started to head to the top of the channel
Approaching daily resistance line, I will be waiting to see what happens.
Will look for it to break the resistance, retest and then enter a long position when i see confirmation of bullish movement with a target of around 0.965. Or will...
GBP/NZD Broke weekly support line, retraced and then big confirmation candle on 19/06/2020 to indicate bearish movement.
Strong rejection from the monthly Resistance (Black Line) so anticipation this will continue to the previous low (1.71) and the bottom of the wedge.
Will look to sell this position and exit around 1.7000
GBP/USD Broke daily support line, retested and then big confirmation candle on 19/06/2020 to indicate bearish movement. (Blue Line)
Neckline of head and shoulders formation also broken, retested and confirmed. (Red Line)
Now formed downtrend patterns on the smaller time frames (15 minutes).
Will look to sell this position and exit around 1.21000 on a 3:1 RR trade