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GBP/NZD Potential Upward Movement

GBP/NZD Long-Term Trend: Bullish

Key Resistance Levels: 1.96693, 1.98013, 1.98050.

Key Support Levels: 1.95289, 1.93851, 1.93800.

Daily Chart:

The price on the higher time frame managed to break the Wyckoff accumulation phase to the upside where a higher low has been posted near the strong support level around the 1.93851 NZD mark. We expect further movement to the upside in the coming hours.

GBP/NZD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair posted a double bottom formation which shows that the buyers managed to reverse the price and move it to the upside. The 1.95289 NZD mark has been broken and now the price is retracing to it from the upper side. Further upside movement could be seen toward the target profit.

Signal Idea:

Buy Limit Order @ 1.95331

TP 1 @ 1.96680

TP 2 @ 1.98013

Stop Loss @ 1.94932

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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