GBP/NZD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/NZD entered a bullish channel shortly after a two-week retreat from a six-week high of 1.9766. Now the pair is sitting at the lower limit of the 103-bar long formation as the 200-hour SMA at 1.9549 is blocking the upswing. In the hours to come, the instrument may attempt to breach this formidable resistance that is likely to initiate a rally towards the next cluster of resistances at 1.9566/80 (daily R1, R2; 50-hour SMA). Technical Traders' sentiment is more in favour of this scenario. About 54% of positions at the SWFX are long. However, technical data belies this, pointing to weakness in the short and medium terms.
© Dukascopy Bank SA
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