LONG GBP/NZD from market (1.7068)

FX:GBPNZD   British Pound / New Zealand Dollar
Last night Carleton Capital went LONG on this pair. This is one of our "feature" pairs. Our feature pairs are those trading pairs on a watch list because of their current price in relation to their historical price. The flash crash low of 1.6706 is the lowest price I have in the last 16 years and without further analysis and confirmation is likely to be an all time low so and therefore a move north could represent historical risk/reward.

Our algorithms are weighted to watch for any sign of a move north and last night GBP/NZD cleared several resistance areas and surged up.

With the GBP under so much Brexit pressure all GBP trades are particularly at risk so if we can get in a position with a tight stop, we have a chance of making some pips without the worry of losing too heavily.

Initial target will be the 200 sma on H1 at 1.7150 area. With no scheduled GBP specific news due we have a free run and the trade will be assessed throughout the rest of the day and a decision made to either close the trade before the weekend or leave it open.