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GBP/NZD Potential Downward Movement

GBP/NZD Long-Term Trend: Bearish

Key Resistance Levels: 1.92250, 1.96600, 1.99609.

Key Support Levels: 1.90225, 1.89253, 1.89000.

Daily Time Frame:

The price on the higher time frame we can see that the price is in a clear downward movement where a series of lower highs and lows has been posted. We are precisely now in the second leg down at the end of the correction. So, we can a new impulsive wave to the downside.

GBP/NZD Medium-Term Trend: Bearish

1-Hr Time Frame:

On the lower time frame, the price found sellers near the 61.80% Fibonacci retracement where it is traded inside a bearish flag formation. We expect that the market will break this pattern to the downside toward the mentioned target profits.

Signal Idea:

Sell Market Order @ 1.91635

TP 1 @ 1.90351

TP 2 @ 1.89253

Stop Loss @ 1.92060

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

2 comments

  1. Hi Joe, how do multiple TPs work?

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