๐ GBPNZD has been overall bearish, trading inside the falling channel in red and it is currently approaching the upper red trendline.
Moreover, the zone 2.055 is a robust supply zone.
๐ฏ Therefore, the highlighted red circle represents a significant area to consider for potential sell setups, as it marks the intersection of the blue supply and upper red trendline.
๐ As per my trading style: As GBPNZD approaches the red circle zone, I will be actively searching for bearish reversal setups to capture the next bearish impulse movement.
๐ Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly! ~Richard Nasr