What’s this I hear about RBNZ talking down the Kiwi again?! GBP/NZD already reached my first PT at 2.0300 but I’m gonna keep the rest of my trade open, thanks to these new developments.
Just a few hours back, RBNZ head Wheeler’s words triggered a massive Kiwi selloff when he expressed openness to exchange rate adjustments. He reiterated that the current level of the New Zealand dollar is unjustified and unsustainable, prompting forex market participants to speculate about potential central bank intervention.
With that, I’m set on keeping my remaining GBP/NZD long position open with a trailing stop of 200 pips. There are no other event risks for both the U.K. and New Zealand for the rest of the day so I’m inclined to think that Wheeler’s remarks could keep this pair rallying.
At the moment, GBP/NZD looks ready to break past its recent highs near the 2.0400 handle and might be due for more gains as the next trading sessions roll along. How high do you think this might go?
As always, I look forward to getting your feedback on my comdoll trades!
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