GBP/NZD - Short
First trade of the week, take profit hit. This was only a quick hourly trade for me, took after seeing a fakeout on this consolidation zone, failing to create a higher high and then waited until we found resistance at the top before playing it back down to the previous support level which it tapped perfect, as expected.
Overall for GBPNZD, I do think we will break out of this zone over the week, expecting a big push to the downside, this confluences for a few other GBP pairs which makes this bias stronger. Before trading pairs, I always wait until we are ready for reversals on all of the currency pairs
E.g. if I think GBPNZD is ready to short, I will check other GBP pairs to see if there is still more upside potential before taking the short on GBPNZD.
Overall for GBPNZD, I do think we will break out of this zone over the week, expecting a big push to the downside, this confluences for a few other GBP pairs which makes this bias stronger. Before trading pairs, I always wait until we are ready for reversals on all of the currency pairs
E.g. if I think GBPNZD is ready to short, I will check other GBP pairs to see if there is still more upside potential before taking the short on GBPNZD.
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