GBPNZD Daily Chart (9 Aug, 2016)

20160809-GBPNZD

GBP/NZD has retraced to trend line resistance as depicted above, this trend line has been extrapolated using the July and August highs for the pair. As the GBP/NZD is now trading near this descending trend line, it give us an opportunity to rejoin the strong down trend. We wait to short the pair when it retraced back to trend line resistance which is around 1.83795, and we set our initial target at the psychological support value of 1.7705.