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GBP/NZD Rebound in Jeopardy as RBNZ/BOE Rate Decisions Loom

GBP/NZD Rebound in Jeopardy as RBNZ/BOE Rate Decisions Loom

Michael Boutros, Strategist

Talking Points

GBPNZD Daily

GBP/NZD Rebound in Jeopardy as RBNZ/BOE Rate Decisions Loom

Notes: Friday’s decline saw a prefct tag of the 100% extension of the decline off the September high at 2.2313 before reversing higher with the rally now attempting to breach basic trendline resistance off the November high. If the breakout is validated, look for reisstance at 2.2822/51 backed by our broader bearish invalidation level at 2.3137. Key support remains at 2.2281-2.2313 with a break lower

As we approach the holidays and thus illiquid markets, it’s worth reviewing principles that help protect your capital. We call these principles the "Traits of Successful Traders.

GBPNZD30min

GBP/NZD Rebound in Jeopardy as RBNZ/BOE Rate Decisions Loom

Notes: The pair broke above channel resistance and has now tested it as support. Immediate focus remains higher while above the trendline with a breach above the weekly opening range high at 2.2706 needed to validate the breakout. Subsequent resistance objective are eyed at 2.2819, 2.2887 & 2.2975.

A break back below the TL invalidates our near-term outlook with such a scenario targeting subsequent support objectives into the 2.2322 / median-line support. Keep in mind that this is a wider range setup with a quarter of the daily average true range yielding profit targets of 57-61 pips per scalp. Added caution is warranted heading into event risk later this week with both the RBNZ & BoE interest rate decisions on tap.

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Relevant Data Releases Next Week

GBP/NZD Rebound in Jeopardy as RBNZ/BOE Rate Decisions Loom

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or ClickHere to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Desk at 12:30 GMT (8:30ET)

As we approach the holidays and thus illiquid markets, it's worth reviewing principles that help protect your capital. We call these principles the "Traits of Successful Traders.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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