Blackwood_fx
Short

GBP/NZD Short Position Forming--Waiting for the Breakout!!

FX_IDC:GBPNZD   POUND STERLING / NEW ZEALAND DOLLAR
We can clearly see an overall down trend on the GBP/NZD. Price action is in a somewhat of a descending channel , it is also below the 200sma & 20sma which make for great short positions. We can clearly see price action consolidating into a wedge . My overall bias is short obviously and as soon as it breaks the lower trend line I'm going short. With that being said there is opportunity to go long if it breaks to the high side.

Now we wait for the break. Always remember proper position sizing too!!!!

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