GBP/NZD Long-Term Trend: Bearish
Key Resistance Levels: 1.96348, 1.96926, 1.98136.
Key Support Levels: 1.95349, 1.93999, 1.93631.
Daily Time Frame:
The price on the higher time frame was in a clear uptrend until it failed to break a strong resistance around the 1.96348 NZD mark. as well, at the end of this trend we can see that the bars are overlapping which is a sign of exhaustion. The market posted an engulfing bearish pattern near the bespoke resistance which could lead to a move to the downside.
GBP/NZD Medium-Term Trend: Bearish
1-Hr Time Frame:
On the lower time frame, the price showed a Wyckoff distribution phase where the sellers took control of the market. Also we have the 61.80% Fibonacci retracement level which dragged more sellers and this will lead to a move to the downside toward the target profits.
Sell Limit Order @ 1.96312
TP 1 @ 1.95464
TP 2 @ 1.95349
Stop Loss @ 1.96641
Trade Safely 🙂