GBP/NZD Trade idea

• Candlestick pattern formed- Shooting Star
   
• Potential reversal Zone (PRZ) -2.1485
   
• GBP/NZD recovered from the low of 2.1147 at the time of writing. It is currently trading around 2.1246.
   
• Short term trend is still weak as long as resistance 2.1485 holds.
   
• On the lower side major support is around 2.109 (55 day EMA) and any break below targets 2.0940/2.0800.
   
• Any break above 2.1485 will take the pair to next level till 2.165/2.16775 (161.8% retracement of 2.1345 and 2.0809).

It is good to sell on rallies around 2.12400-2.1450 with SL around 2.1485 for the TP of 2.0940/2.0800          

R1-2.1350

 R2-2.1485

R3-2.165

Support

S1-2.109

S2-2.0940

S3-2.0800