informedtrades
Long

GBPNZD Finds Support in an Uptrend and Makes a Strong Reversal

FX:GBPNZD   British Pound/New Zealand Dollar
36 0 0
In addition to signs of NZD weakness on other pairs, we're seeing this very nice technical setup on GBPNZD: the pair is in an uptrend, but has pulled back to a support level that coincides with a 61.8% Fibonacci retracement level from the recent swing low to swing high. Today's strong bullish candle suggests bulls may be defending this level. As such, I'm set to go long at 2.0032, with my stop at 1.0098 and my target profit at 2.1002 -- a very nice reward/risk of over 6.92.

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