Selling Opportunity in GBP/NZD - Tue, Nov 22, 14:17pm. Orders Cancelled Tue, Nov 29, 20:27pm
Overall, the GBP/NZD outlook is bearish. The decline from the Oct 17 high of 2.0317 unfolded in a 3-wave structure. But more importantly, the entire structure appears to be a head-and-shoulders pattern (a classic reversal pattern) and prices had since broken sharply below the neckline (maroon line).
Recently this market is consolidating with a slight bias to the upside and this may see price inching towards the neckline. A 3-wave equality rise from 1.9128 targets 1.9575. If so, this presents a selling opportunity.
#1 Limit Sell @ 1.9565.
Stop @ 2.0010.
Target @ 1.8410