GBP/NZD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although starting from Feb 20 GBP/NZD has been in a distinct down-trend (loss of more than 11 figures), right now there appear signs of an emerging recovery. One of such arguments is formation of a bullish channel on an hourly chart. This pattern implies a strong rebound from the support at 1.9220 and subsequently a rally towards the upper boundary at 1.96. However, the currency pair is facing a number of tough obstacles, including the 200-hour SMA and weekly PP at 1.9330, which could prevent development of an up-move. The SWFX market sentiment, in the meantime, is neutral with respect to GBP/NZD—48% of open positions are long and 52% of them are short.

© Dukascopy Bank SA
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