GBP/NZD comes as a compelling trade on the back of a northerly projection into a key supply area. We have the reserve Bank of New Zealand on Wednesday and the longer-term outlook remains highly uncertain which leaves all options on the table. There should be some bearish headwinds for the bird on the back the meeting, although the pound is hardly a bullish prospect in the same regard. Nevertheless, there is some upside in the charts while the cross sits above the daily structure. However, a break to the downside opens prospects of a bearish head and shoulders and medium-term bearish play on the cards as illustrated in this top-down analysis. Monthly chart The price has corrected back towards a high-level os supply and in the realms of a 38.2% Fibonacci retracement target. Weekly prospects of a move back to higher volume Daily chart As illustrated, the price action can go higher while the pair holds above the structure. However, a break below will open the doors to a barroom brawl which should result in a downside move and form a bearish head and shoulders. GBP/JPY Head & Shoulders prospects FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Bitcoin Price Forecast: BTC/USD has strong resistance at $12,160 – Confluence Detector FX Street 2 years GBP/NZD comes as a compelling trade on the back of a northerly projection into a key supply area. We have the reserve Bank of New Zealand on Wednesday and the longer-term outlook remains highly uncertain which leaves all options on the table. There should be some bearish headwinds for the bird on the back the meeting, although the pound is hardly a bullish prospect in the same regard. Nevertheless, there is some upside in the charts while the cross sits above the daily structure. However, a break to the downside opens prospects of a bearish head and shoulders and medium-term bearish play… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
