ResonanceTrading
Long

GBPNZD two Scenarios and both are pointing higher

FX:GBPNZD   British Pound/New Zealand Dollar
The pair has finished an ABC correction and now heading up and we have two scenarios, the first: we are in a wave x upward which is a 5-3-5 corrective wave in the main trend direction (up). The second Scenario, we are going to continue in an impulsive fashion upward to new highs. With NZDUSD             breaking a trend line to the downside, it is most probably we are going to see weakness in kiwi.

In addition, The British Pound has reached an extreme oversold point and we are going to see it rebounding a little bit so if you want to be long the pound it is better done against the weakest currency and we think it is the NZD for the coming few days/ couple of weeks.

Happy trading :)
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