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On October 26, 2020, I wrote about a potentially bearish scenario for GBPNZD.
In fact, I’ve been talking about shorting the pair since March of last year.
I was also getting short in late October, which I announced to members on the Daily Price Action membership site.
That position is now in profit by 870 pips.
Here’s a zoomed-out view to explain why I’ve been bearish for so long:
There were also multiple opportunities to short GBPNZD between late November and December.
Notice how the 1.9070 area served as resistance for several weeks following the November 27th close below it.
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So where to from here?
As I’ve mentioned before, the 1.8600 area is the next hurdle for sellers.
We saw GBPNZD bounce from this region in December.
A weekly close below 1.8600 would open the door to my final target just above the 1.8200 handle.
If you’re looking for an entry, I would keep an eye on 1.8850.
A weekly close below that should flip the area to resistance.
Disclosure: I hold a GBPNZD short position.