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Sup, forex warriors!

We’re all about the pound today, as we explore a key area of interest on GBP/CHF and a potential countertrend trade on GBP/NZD.

Get ’em while they’re hot!

GBP/CHF: 1-hour

GBP/CHF 1-hour Forex Chart
GBP/CHF 1-hour Forex Chart

GBP/CHF looks ready to bounce from the 1.1900 major psychological area, which lines up with a broken range resistance and a current range support on the 1-hour time frame.

Buying at current levels would give you the best reward-to-risk ratio if you think that pound bulls and bears will continue to confine GBP/CHF within a 100-pip range.

If you’d rather short the pound against the franc, though, then you might want to wait until GBP/CHF makes new weekly lows before betting on further downside moves.

What do you think? Is the pound ready to retest 1.2000? Or will it drop back down to the 1.1850 – 1.1750 previous support levels?

GBP/NZD: Daily

GBP/NZD Daily Forex Chart
GBP/NZD Daily Forex Chart

GBP/NZD is poppin’ up hesitation candlesticks just above the 1.9900 mark, which lines up with a mid-channel resistance, SMA crossover, and pa previous support and resistance level on the daily time frame.

Ready for some countertrend trading? With the 100 SMA crossing below the 200 SMA and Stochastic chillin’ like a villain in the overbought territory, the bears just might drag GBP/NZD back down to its 1.9100 lows.

But not everyone can successfully trade against the trend. If you’d rather bet on the pound making more pips against the Kiwi, then you can also buy as soon as GBP/NZD trades above the SMA crossover and then aim for previous highs closer to the 2.0800 zone.

Good luck and good trading this one!

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line