GBPNZD One To Watch : BoE Paused Interest Rates
Fri 22nd September 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- GBPNZD (Primary Focus Pair)
- GBPCAD (Covered In Video)
- NZDCHF (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
| GBPNZD (Short) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 2.0745 | ||
| Entry Price | |||
| Stop Loss (Min) | |||
| Stop Loss (Max) | |||
| Profit 1 | |||
| Profit 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
In the news yesterday the Bank of England held interest at 5.25% adding weakness to the already weak GBP.
Today the GBP remains as Weak 1 (W1) on both of our live forex strength vs weakness tables.
NZD is Strong 1 (S1) on our day traders tables, meaning GBPNZD momentum is bearish.
We had to hold off from a short yesterday as it formed ahead of the BoE interest rate decision.
Unfortunately for us, this set up would have worked out for us.
A positive from this though is that there’s always another trade to look for.
Price has traded through the key support level on the H4 chart of 2.0900 – 2.0800.
Price formed a low on the H4 chart towards the 2.0775 lows, these lows could act as resistance for us, when looking for a swing trading setup.
This level also holds confluence with a trend line resistance which formed from the highs of 6th September.
Targets on this move will be the key support of 2.0500 which formed from the lows on 20th July of this year.
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Technical Observations:
- NZD is S1 and GBP is W1 on the day traders table.
- Price is in a strong downward trend on the H4 time frame.
- Sellers should wait for a pullback to resistance on the H4 chart of 2.0775 before looking for a short entry.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
