GBPNZD: Long from massive support

FX:GBPNZD   British Pound / New Zealand Dollar
We have a terrific opportunity in GBPNZD             , as you can see the pair has been in a steady downtrend but it's now against critical support, and evidently, buyers have stepped in aggressively here, which makes me think we will reverse the decline with force.
Sentiment in the Pound is extremely bearish so I would like to fade it, and this pair seems like the ideal vehicle to do so, with the spread between the Pound and the Kiwi being so wide apart from a 1 year perspective.
This can be an ideal long term long, so consider taking it.
Good luck if you, see you at the top!

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Ivan Labrie

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Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance0.57% on such information.
Comment: Sidenote: I'm already long from last night, entry was 2.02264 with stops as depicted here. (trade wasn't fully confirmed then, hence me posting now).
Comment: Not bad.
SO this means, you support the view of Brexit not happening. Cool mate :)
+1 Reply
IvanLabrie moneymaking
I don't know, all I know is GBP is a massive buy due to the technicals and the sentiment extreme.
+1 Reply
IvanLabrie IvanLabrie
Another thing worth noting, I think trading crosses is like trading pairs of stocks, it's good to keep that mindset when looking at FX in general in my opinion. The GBPUSD and NZDUSD overlay shows we're at a critical spot, and the ratio chart (GBPNZD) confirms it by showing technical support and bullish price action in different timeframes.
Hope you're doing great btw, cheers.
+1 Reply
moneymaking IvanLabrie
Absolutely agree with you on that mate. Even with that much sell of in gbpnzd, i am still holding onto my bullish sentiment. Either we are right in a BIG way or really really WRONG in BIG way, only the votes will decide now. We trade what the charts tells us and let the market do the rest. I am doing great, thank you for asking. Still holding onto my S&P shorts and longs on nzdcad, I missed the chance to buy gold when it came back to the 1200 level, trying not to let that affect me that much. That's about it for me mate, how's did your week went, you still sick or feeling better now?
+1 Reply
IvanLabrie moneymaking
Cool! Good to hear.
Was sick for 1 month straight with a flu and couldn't talk. Now in good shape again.
Let's see what we get next week, I can see some nice moves coming from all this hysteria.
+1 Reply
moneymaking IvanLabrie
ohh yeah, if the market gets any surprises, big moves will follow for sure :)
+1 Reply
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