Trade idea.
Given the current problematic situation in Britain's political life, the pound is feeling the heat against all of its major counterparts.
Looking at GBPNZD, we can see that the pair broke below its short-term upside support line, which means that there might be a change in the short-term trend. This could be an opportunity for the bears to step in and drive the pair to the downside a bit more.
Ideally, we will wait for a close of a daily candle and see where it ends the day. If it stays below that upside line, then there is more opportunity for GBPNZD to drift further south.
We need to see a clear break through one of the highlighted areas first, in order to examine a further directional move.
Please see the chart for details.
Don't forget your stop-loss.
Given the current problematic situation in Britain's political life, the pound is feeling the heat against all of its major counterparts.
Looking at GBPNZD, we can see that the pair broke below its short-term upside support line, which means that there might be a change in the short-term trend. This could be an opportunity for the bears to step in and drive the pair to the downside a bit more.
Ideally, we will wait for a close of a daily candle and see where it ends the day. If it stays below that upside line, then there is more opportunity for GBPNZD to drift further south.
We need to see a clear break through one of the highlighted areas first, in order to examine a further directional move.
Please see the chart for details.
Don't forget your stop-loss.
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.
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.