GBPNZD Double top on the resistance

11 set

GBPNZD has dropped below the 2.1300 resistance zone. Recent daily candles show rejection bars with long wicks, hinting at growing bearish pressure. Additionally, a double top pattern has formed, indicating that bullish attempts have been rejected twice, strengthening the selling sentiment. Given this setup, the price may continue to decline, potentially breaking below the upward channel that seems to be a corrective pullback against the prevailing bearish trend. A break below this channel would likely signal further downside movement. The target is the support level at 2.11800

24 set

Trade chiuso: obiettivo raggiunto

Initially the price did about 90% of the movemetn to the target after which it corrected up but eventually it reached the target as expected