Pip,
I imagine that large gap at the open had everything to do with the BREXIT talk the past couple of days. Now that GBP/NZD crossed below 2.1500, it will be interesting to see if this level will now act as resistance.
I’m guessing that the gap will be filled quickly and price will go back to 2.16 - 2.17 area. So I just took my profits and closed GBP/NZD and GBP/AUD. I’m going to step back and watch from the sidelines.
I continue to back the Pound because the deals in the City are conducted in Sterling and until business there is good, the Pound is the currency to back against, say, the Euro. However, on a technical and medium-term, the drop in GBP/NZD looks genuine and 2.12 should be the new support area, if indeed this is where things can turn around.
Pushing 2.11 now, incredible. I expected a drop but not this far so soon. Im over 1000 pips up on GnpNzd and GbpAud today
Five weeks net-short from non-commercials: last Friday’s COT report is clear, but…when will NZD/USD crack lower?
Good read PMH
My timing may have been off but the call was right. It was the next major support as price dropped & it proved profitable.
Nice one, Barry
Pip, I posted this link in eddie’s Balls of Steel thread also. Ashraf Laidi’s outlook on GBP and oil.
I read the following:
“The uncertainty in the price of energy has kept commodity currencies: AUD, NZD and CAD rising and falling in high correlation to the price of oil. A stable price for a barrel of crude is needed to end the compound effect those economies are suffering with their own growth slowdowns.” (From “Commodity Currencies Dragged Down by Fall in Crude Prices” Oanda MarketPulse 23-Feb-2016)
I knew that the CAD was closely tied to oil price but I never gave much thought that AUD and NZD were also tied to oil price even though I knew they are “commodity” currencies.
So if I want to trade GBP short because of the uncertainty and weakness of the currency, I should be careful trading GBP against AUD and NZD as oil price needs to be considered. I’ve been avoiding trading CAD in the recent past because of the uncertainties with oil price. But I never considered oil price when trading NZD and AUD.
The correlation with oil is obvious for USD/CAD
But not for GBP/NZD
[B]2.06???
F+CKING INSANE?!?
There are no words.
The Pound sits tight under 1.40 for a whole day and the Kiwi makes a small step back above 0.67, and…
this pair drops ANOTHER 300+ pips???
What
The
Mighty
F+ck??
Please bear with me while I scream at the moon, delirious, and fully naked… haha[/B]
I assume you were short in this pair??? 
Very funny ;p
:59:
Erm
Well
:58:
LOL That is funny. I’m trying to picture a madman screaming at the moon, LOL.
I wanted to click on “Like” but it just seemed so inappropriate.
Those heady days of 2.40 to 2.50 seem a long way away
…at least I can still make comedy while
living a tragedy 
Indeed, it is good to see you keep a sense of humor when a trade is not going well. It’s all part of the game. Sometimes I have to remind myself that losses are a fact of life in Forex.
amazing… IF you follow a simple 5 period moving average…how rich you are now.
Na zdrowie,
Tim
