GBPNZD - High Probability Rejection
GN has been making nice LL and LH for this downtrend. Right now, we're at a point with several confluences.
1.) Trend line of lower highs
2.) 78.6 retracement level of the previous lower high
3.) An indecision level that price hasn't retest on H4
Stop Loss is just above the previous high.
News tomorrow: NZD has news tomorrow that could possibly drive this pair downward, though actual is usually higher than forecast on Forex Factory, which is bad for the NZD Pair and could drive it higher than expected.
1.) Trend line of lower highs
2.) 78.6 retracement level of the previous lower high
3.) An indecision level that price hasn't retest on H4
Stop Loss is just above the previous high.
News tomorrow: NZD has news tomorrow that could possibly drive this pair downward, though actual is usually higher than forecast on Forex Factory, which is bad for the NZD Pair and could drive it higher than expected.
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