GBP/NZD possibility for profit

17.10.2017 / 10:56

Rating:

Forex forecast / GBP/NZD / Our expectations

Long-term downward trend, middle term correction. The price is moving in Triangle figure and right now is near diagonal resistance. A few unsuccessful attempts for break from the figure, which indicates that the bulls are losing power. Pulling back of the price below the resistance and FiBo 38.2 is showing us that the negative sentiment is gaining power and we can position with short position. Price action signal: Pin bar at levels of levels of Fibo 38.2. The price is below EMA 50. Technical indicator: CCI(50) - in overbought zone - when break levels 100 the positive sentiment will weaken.

Sentiment: Negative for GBP. The Brexit negotiations are developing too slowly and cast shadows over the currency.

Alternative scenario: If the price breaks above FiBo 38.2 and breaks out of the triangle in upward direction, the negative scenario will be dismissed.

SL: 1.8800

Trader Bozhidar Arabadzhiev

Varchev Traders

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GBP/NZD possibility for profit

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