GBP/NZD potential rising wedge pattern trade setup

In H1 timeframe, GBP/NZD is forming a potential rising wedge pattern. This potential rising wedge pattern is very closed to the resistance area 1.9590, which makes it vulnerable for a down reaction. There are a few different setup to profit from this rising wedge pattern, as explained in the video below using S&P 500 futures as a case study, based on reversal and breakout strategy with nuances to take note.

Below are the key parameters for GBP/NZD potential short setup for trading session on 6 Oct 2020, with a potential reward to risk ratio of 1.2.

Entry: short stop order at 1.9510

Stop loss: 1.9570

Take profit: 1.9430

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