Similar to GBP/AUD, the GBP/NZD pair is at an important resistance zone and today's candle already shows increased selling pressure.
The pinbar pattern of Friday is a sign that the pair could have difficulties to break above the 2.00 level in a new attempt. The level is also an important psychological resistance.
Nice post.. Do you think we can see 2.000 again before long ride down?
MujkanovicFX
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@ahmedzahid2799, Hi Ahmed, I doubt so according to technicals. The price reached 2.00 on a large momentum, which usually signals a strong reversal as well. Friday's and today's candlestick (let's wait for it to close) show that the market rejects higher prices quite strongly. On Friday, the pair reached a high of 2.0003, meaning there was a significant number of sell orders placed exactly at the 2.0000 level.
However, let's not forget that the pound will be affected by any Brexit news, whether positively or negatively.
ahmedzahid2799
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@MujkanovicFX, Thanks.. Yeah after it hit 2.0003 after few hours i placed a sell limit at 2.0000 but this didnt trigger as price has not come back to that range. Hopefully a good sell opportunity presents itself for me soon