GBP/NZD Approaches Supply Zone Ahead of Further Weakness - Forex Anatomy

GBP/NZD Approaches Supply Zone Ahead of Further Weakness

There may be a potential sell opportunity forming on the GBP/NZD.

The pound versus kiwi (GBP/NZD) has been trapped in consolidation for some weeks as shifting headlines concerning Brexit, and the US-China Trade War continue to prolong a mood of uncertainty among investors. But the pair is poised to approach fresh supply at 1.9330/9411, which could serve as an opportunity to short the sterling on bearish confirmation.
On the 4 hour chart of GBP/NZD, we have a zone of 4 hour structure resistance (1.9330/1.9411), that can serve as a potential reversal zone if price continues to extend higher.


Both of the moving averages (20-period, 100-period) are flat and looking to slope lower, which indicates more downside for the pound over kiwi. Look for a chance to enter a sell order on GBP/NZD upon bearish confirmation.


A potential target may be within the 1.9100 price level or zone.
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About the Author Marvin Perry

Marvin Perry has been an active trader within the Forex market since 2010. He attended the University of Illinois in Urbana/Champaign, and graduated in 2002 with a double major in Cell and Structural Biology and Chemistry. He currently serves as an FX instructor & Quantitative Analyst for the Forex Anatomy Private Trading Community called "The Lab", where he conducts live weekly trading webinars & instruction on Fundamental Analysis & Inter-Market Interpretations of dynamic asset classes and their influence on currencies.

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