The market has been fairly range based, especially against the Greenback. After such strong moves recently the market is in a corrective mode.
However, here a few major themes I am looking at:
GBPNZD - Support is found at 1.8800 which includes third touch horizontal, 1.13 Fib extension from weekly cycle lows and completed ABCD pattern. We also have triple divergence and potentially bullish price action (depending on how today ends). Initial scale out target at 1.9000 resistance with a protective stop trailed on remainder of position.
GBPAUD - Support is found at 1.5000 which includes lower trend support line on closing prices, 78.6% Fib retracement from last major monthly low and completed ABCD pattern. Divergence and inside bar and inverted hammer supports a bullish move to at least the 1.52 handle.
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