Interval: Daily
The GBPNZD currency pair has formed a reversal pattern above the 1.800 level which could mean that the pound is trying to hit higher levels, achieved in the past. This fact is also confirmed by the fundamental analysis. Thus, BOE’s officials declared that from now on, they will take the matter inflation seriously together with the fact that NZD currency may be 15% over evaluated. The target for this setup is placed near the 50% retrace of the downward trend and the stop loss level is set under the local lows.
Confirmation level: 1.8457
Take Profit: 1.8882
Stop Loss: 1.8232
Trade Setup: GBPNZD Making a Double Bottom by Razvan Mihai