GBP Uncertainty - Money flows to out the UK
- Brexit deadline approaching, and Labour party looking for a second referendum
- Investors see the GBP ask a risk currency in uncertain times. Smart money investors look to sell the GBP at the overpriced exchange rate.
- GBP Quant scores showing a reading of -14, shifting from the previous -4.
Excellent entry price because we are close to resistance and as long as the gbpnzd does not break the resistance or support we will try to earn as much as possible from the remaining gbpnzd in a certain range.
Take Profit: 1.9065
We see the formation of a harmonic butterfly pattern (blue) and the completion of an ab=cd pattern on the 4 hr chart. The completion of the ab=cd pattern signaled us to sell the pair and our strategy is to trade the 4th leg of the butterfly pattern . Price action has already stated confirming our strategy since we initiated the position.
GBPNZD has now completely retraced from the last push to the upside, Gbreaking a key zone and forming a neckline to give us a potential head n shoulders early entry. With Fib clusters at the entry zone and notice the large supply candle it is also 50% giving us a strong confluence sell target area in the market for a continuation to the downside. To add confidence...
GBPNZD is approaching our first resistance at 1.9272 (horizontal pullback resistance, 61.8% Fibonacci extension, 61.8% Fibonacci retracement) where a strong drop might occur below this level to our major support at 1.9087 (horizontal pullback support, 61.8% Fibonacci retracement).
Stochastic (34,5,3) is also approaching resistance where we might see a...
We nailed this one last week, let's see if we can make it two weeks in a row. This pair saw a big drop last week before ending in a drawback. I am looking for a further move to the downside here as price has stalled out near kijun sen. This pair has been a little sloppy as far as respect of tenken and kijun sen, so I'm not too worried with it not being a super...
GBPJPY, Commercials and large speculators closing their positions in gbp both long and short, mean commercials and large speculators profit taking from both sides. long% decreased 2% while short% increased 2%. in jpy commercials and larges speculators doing same behaviour like gbp i.e profit taking. suspect one more spike upside to catch stop losses of weak holders.
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GBPNZD FOREX BREAKDOWN 12 MAR 2019
Strong pullback towards our range resistance
Price could hold below our resistance and sl level
Bearish market with pullbacks, good entrys now!
ENTRY @ 1.93060
SL @ 1.94500 (145 Pips)
TP @ 1.91400 (165 Pips)
RR: 1.15, use half of normal risk!