GBPNZD: Sell Opportunity In the Direction of Breakouts
British Pound/New Zealand Dollar FX:GBPNZD
The price moves in the borders of the triangle. The breakout from this pattern will give a trading opportunity.
If we look at the daily timeframe , the market looks more bearish . Also, the breakout below the uptrend line tells us about a possible trend reversal.
Based on these signals, I would like to expect a downward movement. For an additional confirmation that the market is going to move lower, we will need to wait for the breakout below the support level too. Short trades can be opened below 1.91000 with stop orders above the local swing high.
Profit targets will be the support levels.
Source: TW DLavrov