I am a bear on the pound and we saw it losing ground amid Theresa May’s comments regarding brexit.
GbpNzd Daily Chart
The Kiwi has been stronger than the pound this week. We saw price open between the Monthly pivot and MM2 failing to break up through the MMP where also lies a minor level of resistance. It then went on to break through what was then a support level at 1.75754. Even though it has reached the monthly bear target, bears will be looking to take profit at support, and bull will be looking for buying opportunities there.
GbpNzd H4 Chart
Price is currently at support from Mid-October. This is where bulls would consider buying. should price fail to break this level, I will be looking for selling opportunities at the role reversal
GbpNzd H1 Chart
Price is currently at support. With the 21 taken into consideration, a pull back up to it is what I will be looking forward to see in order for me to consider selling.
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About The Forex Analyst
I just think to myself at times that hey young man, some of best the best days of your life haven't happened yet, and man what a wonderful feeling it is.