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GBP/NZD Potential Upward Movement

GBP/NZD Long-Term Trend: Bullish

Key Resistance Levels: 1.9697, 1.9765, 1.9800

Key Support Levels: 1.9596, 1.9444, 1.9319

Daily Chart:

The price on the higher time frame has posted a double bottom and managed to rally all the way up after breaking the neckline of this pattern. In addition, the price succeeded to break the 1.9596 USD resistance level, and now we are in a middle of a correction.

GBP/NZD Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hour time frame the pair broke the bullish flag to the upside, and now it is retracing to the highlighted zone. This could lead to a move to the upside in the direction of the main trend toward the mentioned target profit.         

Signal Idea:

Buy Limit Order @ 1.9615

TP 1 @ 1.9697

TP 2 @ 1.9765

Stop Loss @ 1.9583

Trade Safely 🙂

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.

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