Wednesday, April 27, 2016

GBP/NZD Trade Idea Breakout Pullback

With all these breakouts on GBP pairs these days, I’ve decided to switch to a bullish pound bias with this long GBP/NZD trade idea
you can see from the 1-hour chart below, price made a strong upside breakout from the descending channel, indicating that the downtrend might be over. The pair found resistance around the 2.1350 minor psychological level, though, then gapped down after the RBNZ decided to keep interest rates unchanged.
GBP/NZD  1 hour chart
Long GBP/NZD around 2.0750, stop loss below 2.0500, profit target near 2.1350. I’m gonna risk 0.5% of my account on this setup and I’m eyeing a possible 2.4-to-1 R:R.

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