Bulletproof Traders in-house trading activities presents our recently taken short position on the GBP/NZD. Targeting the short-term cycle, we believe price is back on the downside, making it’s way back to the big key-level support at 1.9406, and probably even beyond towards the previous lows around 1.9330.
After a few positive days of what we suspect was an expected technical correction, the pair simply couldn’t break through the strong resistance of 1.9602. The failure to cross over that level provided a reliable indication that price action could very well be back on the downside.