The last couple of weeks, the GBP has been pulling back across most pairs, but now i think it is about time to go long.
I see opportunities on a number of GBP paris, but to minimize exposure I have selected my favorite; GBPNZD .
The overall momentum has been since April 2013, but the last couple of weeks, price has seen a selloff from 2.08, all the way down to where we are now.
I think that 2.0, is a brilliant level for the bulls to step in and take this pair higher.
Yesterday was a clear rejection of the level, which indicates to me that bulls are present at this level.
Furthermore plenty of confluence are racking up here:
1. Overall momentum since the bottom around 1,8
2. Sellers from the top at 2,09-2,1 losing steam
3. Possible approaching on daily
4. Rejection of key support at 2,0
6. Rejection of dynamic weekly resistance (50EMA)
7. Rejection of 50% weekly fibo level
If todays candle rejects the 2.0 level again, I am definitely looking to get long!