GBP/NZD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Great British Pound has been appreciating against the New Zealand Dollar since the end of March when the pair touched a six-month low of 1.9086. However, a distinct upside trend appeared only when the currency couple entered a bullish channel almost a month later on April 24.
Now the pattern still is relatively short, only 62-bar long, but its quality and magnitude a well above average. Considering that more than two thirds of traders are bullish on the pair, the instrument is likely to prolong the formation in future and may soon surpass a two-month high of 1.9737, not far away from which it is sitting at the moment.
© Dukascopy Bank SA
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