While the greenback is smashing upwards, I think that the GBP is starting to look interesting.
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 bullish 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 bullish momentum since the bottom around 1,8 2. Sellers from the top at 2,09-2,1 losing steam 3. Possible tweezer bottoms approaching on daily 4. Rejection of key support at 2,0 5. Trendline rejection 6. Rejection of dynamic weekly resistance (50EMA) 7. Rejection of 50% weekly fibo level 8. Bullish MACD divergence
If todays candle rejects the 2.0 level again, I am definitely looking to get long!