By Admiral Markets
The GBP/NZD is consolidating within the cup with handle pattern and we might see a breakout as there is also a trend line confluence. If the price spikes above the trend line/ EMA89 /D H4 / ATR pivot -1.9035 and/or we see a 4h close above the level the price might continue its move towards 1.9095 and 1.9145. Below 1.8970 (D H1, atr pivot, trend line) we might see 1.8920, 1.8886 and 1.8825. Watch for camarilla levels and have in mind that this pair – the GBP/NZD (also know as “The Beast”) is very volatile so once you are in profit, you should protect it by using profit stops.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
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D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Source: GBP/NZD Cup With Candle Pattern on H1 Chart
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