forexpaul2

SHORT GBPUSD 1-2-3 Reversal Pattern

Short
FX_IDC:GBPNZD   British Pound / New Zealand Dollar
short GBPUSD, this was my alternative and it triggered when price broke lower confirming a 1-2-3 reversal pattern which is one of my favourite confirmaton patterns of a short term change in direction. The trade is clearly short term but of late it has been so volatile that it could pick up, or lose, a lot of pips quickly. The NZD is looking strong across the board and as long as the current USD weakness continues the NZD will remain strong, I do have a long term NZDUSD on my agenda but it needs to pullback first. The GBP is in a bind, political risk abounds and economics do not look great, shorting the GBP wil likely me mymantrad for June having had buy the yen pairs in may.

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