Recommendation for GBP/NZD: Buy
Buy Stop : Above 1.93
Stop Loss : Below 1.9
On the daily timeframe, GBPNZD: D1 exceeded the resistance line of the short-term downtrend. It is trying to continue the upward trend, but is currently traded narrowly. A number of technical analysis indicators formed signals for further growth. We do not exclude a bullish movement if GBPNZD rises above the last 2 upper fractals: 1.93. This level can be used as an entry point. We can set a stop loss below the Parabolic signal, the last lower fractal and the minimum since September 2019: 1.9. After opening a pending order, we should move the stop loss to the next fractal low following the Bollinger and Parabolic signals. Thus, we change the potential profit/loss ratio in our favor. After the transaction the most risk-averse traders can switch to a four-hour chart and set a stop loss, moving it in the direction of the trend. If the price meets the stop loss level (1.9) without activating the order (1.93), it is recommended to delete the order: the market sustains internal changes that were not taken into account.
Investors are looking forward to another round of Brexit talks between the UK and the European Union representatives. Will GBPNZD quotes rise?