Fundamental Analysis
The British Pound (GBP) remains supported amid hawkish sentiment surrounding the Bank of England's monetary policy, while the New Zealand Dollar (NZD) faces pressure from subdued commodity demand and a cautious Reserve Bank of New Zealand stance. With key upcoming events such as UK GDP data and New Zealand’s trade balance, market volatility could rise, but GBP's current resilience provides a bullish bias.
Technical Analysis
GBP/NZD is approaching a strong demand zone near 2.185, which aligns with the 0.618 Fibonacci retracement level. Here are the conditions for the trade setup:
- Entry: Look for buying pressure and bullish candlestick confirmation around the 2.185 demand zone. Avoid entering blindly when price first reaches this level.
- Stop Loss (SL): Place the SL below the demand zone at approximately 2.165 to account for potential false breakouts.
- Take Profit (TP): Target the 2.2440 resistance zone as the first profit level, with a potential extension toward 2.2760 if momentum continues.
- Risk Management: Ensure proper position sizing, risking no more than 1-2% of your trading account on this setup.
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The British Pound (GBP) remains supported amid hawkish sentiment surrounding the Bank of England's monetary policy, while the New Zealand Dollar (NZD) faces pressure from subdued commodity demand and a cautious Reserve Bank of New Zealand stance. With key upcoming events such as UK GDP data and New Zealand’s trade balance, market volatility could rise, but GBP's current resilience provides a bullish bias.
Technical Analysis
GBP/NZD is approaching a strong demand zone near 2.185, which aligns with the 0.618 Fibonacci retracement level. Here are the conditions for the trade setup:
- Entry: Look for buying pressure and bullish candlestick confirmation around the 2.185 demand zone. Avoid entering blindly when price first reaches this level.
- Stop Loss (SL): Place the SL below the demand zone at approximately 2.165 to account for potential false breakouts.
- Take Profit (TP): Target the 2.2440 resistance zone as the first profit level, with a potential extension toward 2.2760 if momentum continues.
- Risk Management: Ensure proper position sizing, risking no more than 1-2% of your trading account on this setup.
Don’t miss the updates on this trade! If you follow me, you’ll get notified when I enter, my take-profit levels, and any adjustments to the setup as the market evolves. I also share tips to improve your trading strategy and manage risk effectively. Hit that follow button! :-)
Note
Buying now at 2.1890Note
TP half now 2.2240Note
I think there will be some TP. Prices will get to 2.2100-50. Therefore be prepared to add to the position there as we will go higher
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
If you want to learn about trading, we have a telegram group. Join us here: t.me/+vT_3XCSL6uI1ZmU8
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.