It is not so often that we can find a fundamental trade that lines up with our technical strategy these days in forex as we often get with stocks, but here it is. For a 70 pip stop and a 150 pip reward, here is what you get:
Buy @ market at 1.7620
Target 1.7787 or 1.7800 (If it gets there, I am only taking 80% off, because this is also a daily entry)
Stop @ 1.7540
GBP economic-fundamental rationale: MPC Official Bank Rate Votes came out 3-0-5 versus the expected 1-0-7. now when a central banker changes her/his stance, then this is significant news. With that said, we will look for the GBP to continue to by this surprise in the BoE votes on June 16, 2017.
NZD economic-fundmental rationale: New Zealand's GDP q/q came out softer than expected on tier 1 data.
So, let's pair the two. There is a trade in GBPNZD.
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This weekly support could help the intraday trade bounce up just enough for us.