What we see here is a classic bearish flag on the daily chart of the GBP/NZD currency pair (Great Britain pound vs. New Zealand dollar). It provides a trading setup with a bearish breakout entry potential. The flag and its pole are shown with the yellow lines. My potential take-profit level is marked with the green line (1.86213). My potential stop-loss level is marked with the red line (1.93650). I will wait for the price to close significantly below the flag's lower border before opening a short trade.
Trade active
Entered a short trade at 1.89288 with stop-loss at 1.93650 and take-profit at 1.86213.
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