GBP/NZD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A few hours earlier, GBP/NZD exited a 218-bar triangle pattern that originated late April when the pair hit a six-week high of 1.9764. Notwithstanding the fact that the breakout has already happened, we have not witnessed a massive sell-off that usually follows a bearish exit from a triangle yet. In fact, an accelerating decline is not likely to take place soon as now the pair seems to be locked in a 28-pips wide range restricted by the short and long-term SMAs. Meanwhile, market players are undecided, with long orders only slightly outweighing the short ones, according to the SWFX numbers.
© Dukascopy Bank SA
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