GBPNZD | Perspective for the new week | Follow-up details

FX:GBPNZD   British Pound / New Zealand Dollar
We experienced over 300pips run in our direction since my last publication on this pair (see link below for reference purposes).
Now, it is obvious that a trading range has been hemming broadly within the N$1.93500/1.97000 since the emphatic breakdown of the Demand level late in the month of August 2021. At this juncture in the market, I shall be looking forward to a reversal pattern within the Supply zone at 61.8/ 78.6% retracement of the impulse leg to incite a risk of further decline in price in the coming week(s).

Tendency: Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand | Channel | Reversal pattern (retracement levels)
Observation: i. Since the beginning of the year (2021), It has been a Bullish run for the Pound before hitting a peak @ N$2.00500 (between June and August 2021) - a zone characterized by a triple Top look-a-like.
ii. This feat was later followed by a significant Breakdown of a Level that held price "supported" between June and August 2021 to allow a bias shift in favour of the bears in the coming week(s).
iii. TRIPLE TOP: formation of three peaks moving into the same zone @ at approximately N$2.00000, with pullbacks in between is considered complete when the price broke down pattern support @ N$1.96000 on the 31st of August 2021, hereby indicating a possible further price slide in the nearest future.
iv. Even as a Bearish perspective is building upon this pair, it is required that we sprinkle the tempo of opening a bearish position with a little bit of patience as we are yet to get a signal to go short.
v. This been said; I shall be looking forward to a reversal pattern within the Supply zone around N$1.97000/1.989500 and this might share a confluence with a 61.8/ 78.6% retracement of the Impulse leg (Breakdown of Demand zone ) to transition into a possible Harmonic pattern (AB = CD).
vi. The early hours/days of the new week might see a price climb before inciting a further decline.
vii . If a climb happens, I have identified a niche around N$1.97000/1.989500 for selling opportunities with confirmations right below the Key level @ N$1.960000 area... This is a volatile pair hence trade consciously!😊
Trading plan: SELL confirmation with a minimum potential profit of 300 pips.
Risk/Reward: 1:4
Potential Duration: 5 to 15days

NB: This speculation might be considered to make individual decisions on the lower timeframe.

Watch this space for updates as price action is been monitored.

Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

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