lawlee9
Long

GBPNZD play within channel

FX:GBPNZD   British Pound / New Zealand Dollar
41 0 4
price is caught in between channels. long term descending trendline holding prices down, while a smaller developing ascending channel is trying to push prices up. Price is touching the bottom of the ascending channel , and showing signs of a small reversal. Looking to go long until it hits a key minor resistance level at 2.125 and watching PA from there. If it breaks above, then look to go long again, if it doesn't then, short to a possible break to the downside.
Comment: Watch price action here..on the 1H, price broke through the top of the range, but being stalled at another resistance level. Showing hints of a move to the top side. In addition, NZDUSD looks like it may move to the downside from here, which would push up GBPNZD.
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