SamKent
Short

GBP/NZD momentum reversal

FX:GBPNZD   British Pound / New Zealand Dollar
74 0 0
The GBP/NZD has completed an ABCD pattern on the back of 50-61.8% support. The D point is a possible reversal area, and indeed, both stochastic and RSI are conveying to us that the market may be overextended and may soon shift as evidenced by their divergence from price action. Therefore, we're happy to short this market with a stop just above the D point, and an initial target back at the 50-618% area.
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