bottom trend of the wedge is holding as support, possible to play a short term (relatively) long for a bounce to the upper bound but best RR is waiting for breakout at the close.
Lack of data on this monday so price is unlikely to move past support, stop out below price reversal zone.
As you can clearly see on the chart price has put in a double bottom at the 2.24 support level. This level also aligned with the daily and weekly bullish fib level at 50%. Many higher time frame confluences for the bullish bias. Price has broken and retested the daily/4hour counter trendilne to the upside. Waiting for price to break 2.30 with bullish momentum and...
GBP/NZD looks like it is forming a complex wave iv. This pair has been on a strong upward trend since April. Please also note that the RBNZ monetary policy meeting takes place on Wednesday 22th July and they are expected to cut interest rates. So far price looks like it is dropping as a W X Y double Zig Zag correction. I have labelled waves W X and a of y and b...
I let the chart do all the explaining.
(See the edit to Gartley #1 in the comment below) Looking at the 4 hour chart there are two potential Gartley patterns setting up: Gartley Buy Pattern (purple): Buy @ 1.9870 Sell @ 1.9770 (SL) (Note the typo in the above chart) Sell @ 2.0084 (TP) Risk: 100 Pips Reward: 210 Pips After the Gartley Buy, we also see a potential Gartley Sell with the CD leg...