GBP/NZD – Week 30 – Watching the resistance

After touching the resistance area of 1.99-2.00 on multiple occasions now the price finds itself again at that important level. For this pair we see a retracement as the higher probability move. One potential target for this correction is the blue trendline marked on the chart but we will have to study the structure to see when the price will reverse. If the price consolidates a long time in this area (resistance) we may see a continuation to the upside (lower probability).

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.