GBPNZD Summary & Short Trade Setup

FX:GBPNZD   British Pound / New Zealand Dollar

The GBPNZD has just broken through the major level of 2.15000/50% Fib Retrace, that has been incredibly supportive for quite some time. It was taking heavy resistance from a descending trend line and the 50DMA. Please note that this break was mostly if not totally fueled by the announcement that the Mayor of London has decided to back the campaign for the UK to leave the EU.

Now that we have broken through this critical level we can expect a test of the 2.05000 region and the 200MA. I expect extremely strong support around the psychological level of 2.00000


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