In the fast-paced world of forex and commodity trading, staying ahead of the game requires constant vigilance and adaptability. As targets are achieved on trades involving oil and GBPNZD, it's crucial to shift our focus and explore new opportunities. In this article, we'll look at the recent developments in the oil and GBPNZD markets and discuss why EURGBP might be the promising trade setup.

The GBPNZD Performance

Target 1 was reached at price point 2.11793. We waited for the price to push further down after the close beneath TP1. The retracement played out to be deeper and target 2 was also hit successfully at price point 2.08730. We will watch this level very closely for further price action. Please note that this should not be used as advice, but support that can assist clients to make a more informed decision. Risk Management must be applied on a strict basis.

The EURGBP Performance

Price has found support in the areas identified with arrows and is currently trending above a major support and demand zone between price areas 0.85603 & 0.85897. Entries are already taken because the price has pushed above the trendline however more conservative traders will only enter the market after the price point 0.86611. The target is set at 0.87892. Please note that this should not be used as advice, but support that can assist clients to make a more informed decision. Risk Management must be applied on a strict basis.

The Brent Oil Performance

Price has successfully hit the target identified.

We see a retreat from the area and will provide further updates when more price action is available. Please note that this should not be used as advice, but support that can assist clients to make a more informed decision on their own. Risk Management must be applied on a strict basis.

Final Thoughts on Today's Analysis

Trading in the forex and commodity markets requires adaptability and a keen understanding of market dynamics. While targets may have been hit in recent oil and GBPNZD trades, the trading world never stands still. As traders, it's our responsibility to stay informed, remain agile, and seize new opportunities as they arise.

As we turn our attention to EURGBP, remember to conduct thorough research, stay updated on relevant news, and employ sound trading strategies. Successful trading is not about making a single profitable trade; it's about consistently making informed decisions and managing risk effectively. So, keep a watchful eye on the EURGBP pair and be ready to capitalize on the next promising trade setup. Subscribe to our YouTube channel for more information.