ChaosTrader63
Long

GBP vs NZD Symmetrical Triangle Possible Continuation

FX:GBPNZD   British Pound / New Zealand Dollar
165 0 0
Looking at the GBP vs NZD on the 4 hour time frame we see the symmetrical triangle pattern with the market making lower highs and higher lows. This formation is usually a continuation pattern therefore our bias would be bullish since the market was in an uptrend starting at about the 1.88682 level back in October until the previous month high at 2.02386. There is no telling when we will see the breakout of the Triangle pattern but a break to the upside should see the pair retesting the previous month high level at 2.02386 forming a double top formation. A break to the downside below 1.96000 would void the bullish outlook and we would be looking for a short opportunity at this point. With the holidays approaching trading may be very volatile and unstable so I would prefer not trading anything until after the first of the year. Have a great trading day and a Happy and Blessed Christmas and New Years. God bless!
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