**GBP/NZD Trade Idea**
An interesting setup for those that are looking to get into a structure-based trade. GN is showing significant resistance at 1.985, which is occuring around the 61.8%-70% fibs from the previous swing high to swing low, and at the 3 touch of the descending trend-line. By using a lower time frame to gauge the entry, I feel once the previous 4-hr candle is completely engulfed to the downside, you could look for a higher-probability entrance.
Downside target would be the 1.27 fib extension, around +115 pips to the downside.
**This isn't a signal, as multiple confluences are lacking, but is for those that are interested in eyeing out a possible structure based trade.**
An interesting setup for those that are looking to get into a structure-based trade. GN is showing significant resistance at 1.985, which is occuring around the 61.8%-70% fibs from the previous swing high to swing low, and at the 3 touch of the descending trend-line. By using a lower time frame to gauge the entry, I feel once the previous 4-hr candle is completely engulfed to the downside, you could look for a higher-probability entrance.
Downside target would be the 1.27 fib extension, around +115 pips to the downside.
**This isn't a signal, as multiple confluences are lacking, but is for those that are interested in eyeing out a possible structure based trade.**