GBPNZD: Classic Trend-Following Setup Explained 🇬🇧🇳🇿

Hey traders,

From the beginning of February, GBPNZD is trading in a bearish trend on a daily
The pair recently broke a strong horizontal key level, now we see its retest.

On a 4H time frame, the price formed a double top formation.
1.924 - 1.926 is its neckline.
We need a 4H candle close below the neckline to confirm a coming bearish move.

Initial target will be 1.906

If the price sets a new higher high on 4H the setup will be invalid.

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02:23