GBP/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While the most recent fluctuations, as discussed earlier today, could be viewed as a bullish channel, the overall outlook on the hourly chart of GBP/NZD resembles a bearish channel. Accordingly, we would expect the currency pair to respect the falling resistance trend-line and then head through the nearest supports, such as the 200-hour SMA, weekly pivot point and May 6 low towards the lower edge of the pattern at 1.93.
Meanwhile, the market seems to be undecided regarding the outlook, since the amounts of long and short positions are nearly equal—45% and 55%, respectively.
© Dukascopy Bank SA
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