Sell GBP/NZD at top of recent range

Jul 6

I sold this pair last week but stopped the trade early because price action broke structure to the upside. Now this pair has settled down again I will try again for a better price. This pair has made non stop gains since end of May but momentum has slowed as we approach top of recent range. There has been some positive news out of NZD which has started a minor correction and for the RSI to correct itself. This week there's an Interest Bank rate Decision out of NZD and last month they gave forward guidance to raise rates. There's a good chance of risk to the upside in NZD which is why I see more downside with this pair and an overdue correction to take place.

Sell Now : 2.3453 top of recent range

Stop : 2.3586 above Nov 25 highs

Profit : 2.3054 before descending trendline

Risk 1 : 3 / stop is 133 pips.

Jul 6

Trade active

Trade active when published.

Jul 8

Note

Wednesday 08th July UTC-02:16am. Moving stop to breakeven 005BasicJuly-GBP/NZD at 2.3453 to protect the trade.

Jul 8

Trade closed manually

Wednesday 08th July UTC-05:38am. Closing 005BasicJuly-GBP/NZD at 2.3363 for 90 pips profit. Now price is close to a BOS, I want to book some profits for this month and I might sell again higher.