BabyPips.com FX-Men Team
BabyPips.com
GBP/NZD: 1-hour
Here's a possible trend shift in GBP/NZD! I know how you guys love trading strong trends, so this might be helpful to those who are trying to catch a bottom. The pair found a double bottom support at the 2.1525 levels and is now flirting with the 2.2000 psychological handle. A break above the levels could lead to more gains for the pound, which would probably push the 100 SMA above the 200 SMA and indicate a start of an uptrend. Entering at current levels could get you some good pips if you think that an uptrend would find momentum, but you can also wait for either a break above 2.2000 or a retracement to the SMAs if you’re not convinced that the tides are turning for the pair.
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