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linofx1
Apr 2, 2024 10:09 PM

GBPNZD: What a Breakout Short

British Pound/New Zealand DollarFXCM

Description

The GBPNZD experienced a sudden decrease in value today, breaking and closing below the neckline of a descending triangle formation on the 4-hour time frame with a strong bearish candle.

The next support level appears to be at 2.1000, which is likely the target for sellers.

To enter the market, it may be worth considering a retest of the broken triangle neckline.
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