GBPNZD has created a beautiful head and shoulders formation. By looking at the chart above we can see the price has cleared the neckline with a strong bearish shift. If the price can pull back to 1.96000 with signs of rejection, we can look to sell this down to 1.87500. If the price does not give us a rejection or if it breaks above 1.96000 we must reevaluate the price action.
*Forex is a leveraged product and may not be suitable for you as it carries a high degree of risk to your capital and you can lose more than your initial investment. You should ensure you understand all of the risks. By undertaking these types of high-risk trades you acknowledge that you are trading with your available risk capital and any losses you may incur will not adversely affect your lifestyle. The high degree of leverage can work against you as well as for you.