GBP/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/NZD has been moving sideways since June, and the recent depreciation is just a move to the lower part of the trading range. In a bigger picture there are two level to focus on– 2.0442 and 1.8873. Until the pair fluctuates between them, the outlook will remain neutral. According to technical indicators, the pair is first likely to hit pattern's resistance or, at least, approach the 200-period SMA, while later it is likely to drop to the recent low at 1.9276. It will clear the way for a weekly S2 at 1.9121 and this year's low at 1.9081. And only then, traders will be able to aim the earlier-mentioned important support level. Meanwhile, traders also believe in the short-term bullish scenario (sentiment 56% bullish).
© Dukascopy Bank SA
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