GBPNZD: Correction spotted

This is an interesting chart. I was under the impression that this was a running correction intially but the recent price action makes me think otherwise.

The majority of the people are expecting a rate cut this week, during the RBNZ rate decision on Wednesday.
With heavy UK data coming out tomorrow, volatility is a given and I think the bigger risk/reward ratio will be on the short side.

Looking to short this week, using the 4h chart for entry, and scaling in as we move forward.
I'll update with my entry and scale ins once the trade is active.
This trade would serve as a hedge for GBPUSD longs.

Good luck,

Ivan.

Trade fechado: stop atingido