GBP/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The British Pound halted its appreciation versus the New Zealand Dollar at a one-month high of 1.9763. Shortly after changing its trend, the pair entered a channel down pattern, inside which is has been locked since the last days of April.
Now GBP/NZD is nearing the upper limit of the formation; however, it is uncertain whether the pair is strong enough to break this ceiling. Market players are somehow bullish on the pair but the proportion of long positions only slightly outweighs the proportion of the short ones. Meanwhile, technical data is sending mixed signals- ‘buy' in the short-term and ‘sell' in the longer term.
© Dukascopy Bank SA
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