After the success of this mornings first trade I have opened a half size GBPNZD short. Half size because this pair is super volatile (regular readers will know it is my biggest money earning pair), The GBP and the EURO have been on significant charges of late but some of the rationale for this is dubious, at least a pullback is required if not a complete change of direction. I am starting to wonder if the french election may be a typical 'buy the rumour sell the news' event as the Euro rise looks overdone and exhausted. UK data has moderated of late just as the currency takes of which reflects the political situation rather than the economic one. The report in todays FT about the problems Brexit negotiations are running into ads to the bearish pound view. I am activey looking for opportunities to sell the EURO and the GBP and opportunities to buy the AUD,NZD and CAD. This trade fits this view nicely.
Technicals are quite good, the blue trend like broke giving way to a rounded topping pattern, a trigger line was put in place marking a spike lower and the trade was opened when this was passed.
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