Two uptrends, different biases. We’re havin’ a pound special today, fellas! Check out these hot forex trend opportunities on EUR/GBP and GBP/NZD!
First up is a nice and simple channel play on GBP/NZD’s 1-hour time frame. As you can see, the pair is fast approaching the 1.8000 major psychological handle, which is right smack at the channel support near the 200 SMA.
With stochastic nearing oversold levels, you can bet yo neighbor’s cats that pound bulls will be watchin’ this one. A bounce from the 1.8000 MaPs could propel the pair back to its 1.8200 highs, while a downside breakout could drag it back to 1.7900 if not 1.7700.
Keep close tabs on this one, homies!
If you’re not feelin’ the love for the pound, then y’all might want to buy some euro. Unlike in GBP/NZD’s setup, EUR/GBP looks like it has already bounced from the rising channel support.
Will forex bulls get their momentum? The 100 SMA holding back a stronger bounce even though the pair has already broken above the shorter-term downtrend that we spotted earlier this week.
A break above the 100 SMA could lead to a bounce back to the .9300 highs, while a trip below the 200 SMA could drag the euro back to its .9000 lows. What do you think?