Our short GBPNZD trade continues to move in our favor without much volatility as the recent recovery in commodity prices and currencies provide some support for this pair, especially with economic data from China turning out better then expected, quelling fears of a hard landing for the Chinese economy, and that the world's second largest economy is running into economic difficulties.
We are happy that GBPNZD manage to trade below 2.05 for the first time since May last year and that the current leg downwards is almost going into an "oversold" region. We have already removed half our position previously, hence unless there is really a very sharp move lower, we will not be looking to close out anymore of our position. We are waiting for a pullback in line with the trend to add back short positions to continue riding on this trend.
We are happy that GBPNZD manage to trade below 2.05 for the first time since May last year and that the current leg downwards is almost going into an "oversold" region. We have already removed half our position previously, hence unless there is really a very sharp move lower, we will not be looking to close out anymore of our position. We are waiting for a pullback in line with the trend to add back short positions to continue riding on this trend.
