GbpNzd Short setup

Bias
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.

3 thoughts on “GbpNzd Short setup”

  1. Nice.. I will look at your trading plan for selling opportunities.

  2. Profile photo of Maryna Maryna says:

    Hi Tsholanang, just a little comment – it’s not what Theresa May said that made GBPNZD fall – look at the Tweezer tops on your daily chart (way before Theresa’s comment). Be careful of trading on “news” – the charts tell everything.

    1. Not that I’m trading the news, but generally my bias on the pound is based on UK fundamentals. I don’t know if yo have noticed yet, but I have realized how sensitive the pound is to brexit comments made by relevant people. On Monday most pound opened with a gap.