Our Tables Helped Us Gain +300 Pips : GBP Strength Returns
Wed 16th August 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- GBPNZD (Primary Focus Pair)
- GBPJPY (Covered In Video)
- AUDCHF (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
Risk warning: Trading carries a high degree of risk. Read more here.
Our live forex strength vs weakness tables are full once again, highlighting 9 forex pairs of interest, out of a possible 28 pairs that we trade.
Our actionable currency pairs have not changed much from yesterday, but the order of the currencies has changed.
GBP is now the strongest currency overall after yesterday’s strong earnings data followed by todays encouraging CPI data.
Comparing this to the weaker currencies, we can see a potential opportunity forming on GBPNZD.
NZD remains a weak currency even after a recent rate decision by the RBNZ.
GBPNZD has been trading in a strong bull trend, with price above the daily 200 moving average and above the major key level of 2.0950.
The next level of resistance is at 2.1500; a level that buyers could be targeting with long trades.
The H1 chart shows us that price has rejected the 50 moving average which is in confluence with the prior H4 highs as well as a trendline support.
This combination can tell us that there is potential opportunity to see prices trade higher.
