GBPNZD had a massive H4 Bullish ride. The pair seems to make a Double Top at a significant level of Resistance. If we get a breakout at the neck of that Double Top, then the price would head towards the South for some days as far as the H4 chart is concerned. Let us have a look at the H4 GBPNZD chart.
See that massive H4 Bullish move. Then, the level of 1.99730 has come into play and it made the price have rejection number of times. The level of 1.98590 has been the level of Support as well as the neckline of the Double Top. The price has been heading towards this level. If it gathers a momentum and makes a breakout at the level of 1.98590, then we would get an opportunity to go short upon the breakout confirmation. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.98590
- Stop Loss: 1.99730
- Take profit: 1.96900
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
If we get an H4 breakout and confirmation today that move could be a vital move of the pair in coming weeks. The level of Resistance is a Weekly Resistance level as well. Thus, after an H4 ride towards the downside, the pair might as well keep going down by following the Weekly chart. Yes, there are other equations to deal with for that to happen. Nevertheless, it is very much on the card that the pair might start taking a massive Bearish ride soon.
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