GBPNZD has lost over 1300 pips within 10 days, thus now closing above the 0.5 fib level from a huge major swing lo to hi. Expect the pair to bounce now. NZDUSD has rallied substantially thus profit taking and repositioning in the run up to RBNZ this week means NZDUSD will fall thus pushing this pair up. GBP has suffered greatly this weak and short covering will be the theme across all GBP pairs as many investors will take profit before the Christmas period. Overall however, this pair has more decline but with a retracement first.
Trade closed manually: Took profit at 2.30 to the pip on the RBNZ spike.
Trade closed: target reached: Huge profits in only three days
Comment: 2.16200 next target. Short
https://www.tradingview.com/x/EpmDr1Xa/Just wanted to throw a different perspective in here. Definitely not to say your point of view is incorrect, who knows how it will actually play out. I have been short on this pair since about 2.33. So far this a gone exactly to forecast. You can see that even time and price has hit the 50% mark in the 1st and 3rd boxes perfectly. Hopefully this will continue, if not I will get out with a nice pickup either way. P.S. I have the same senario on NZDUSD running inversely. Good luck to all of us, and have a great holiday season!!!