It’s all about the pound on today’s canvas, as we play around with forex trade opportunities on GBP/USD and GBP/NZD. Get ’em while they’re hot!
First up is a nice and simple range play on GBP/USD. As you can see, the pair is fast approaching the 1.2700 major psychological handle that has served as support at least twice since August.
Will the bulls survive another retest of the level? Buying at the earliest signs of a bounce is a good idea if you think that the range support would hold.
If the pair starts trading below 1.2700, however, then y’all might want to look at the areas of interest near 1.2400 and 1.2200 as possible targets.
Here’s one for my trend-trading brothas out there! GBP/NZD is consolidating just below 1.8800, which isn’t surprising since the level is near an ascending channel support on the daily time frame.
If the pound does see a bounce, then we could be looking at a move to the 2.0000 previous resistance levels.
If Kiwi bulls bring their A-game and forces a downside breakout, though, then we could see a trip back to the areas of interest near 1.7950 or 1.7600.