FOREXEL
Short

GBPNZD - a pull back trade for now..

FX:GBPNZD   British Pound / New Zealand Dollar
114 3 2
Steep is weak and now the Pound has reached its 2.618 target. It is time for a pull back. Only time will tell how deep a pull back will be on a pair like this which has a lot of room still to the upside and like to move rapidly.

My target is lining up with 100 and 200 MA as well as fib 0.618. Nice and neat.
This pair might fight fa little before deciding who is the boss and one see real progress towards target. My SL might be too tight,,we will see
This trade idea now conflicts with another one. Still a wait and see situation.
Reply
HI I think its not the moment to think for the pullback GBP IS Still Strong and the rbnz have no strategy for the nzd i think we will see 2.20
Reply
FOREXEL khmamed
yes I agree that it is heading higher but think it will be a good pullback first. Thanks for your input
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