By Anton Eljwizat – Yesterday’ bullish movement of the GBP/NZD cross hasn’t received much support as of late. Below, I will demonstrate that the GBP/NZD pair has already commenced a downward trend for today, and the cross may tumble another 40-110 pips in the coming 2 days. Traders are strongly advised to take advantage of the trend at an early stage. Therefore, why not open short positions at an excellent price?
• The technical indicators that are used are the Williams Percent Ranges, Relative Strength Index (RSI), and Stochastic Slow.
• Point 1: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure.
• Point 2: : The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.
• Point 3: The Williams Percent Ranges signals further bearishness for the pair, which in turn indicates further downward pressure to occur anytime soon.
GBP/NZD Daily Chart
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