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