GBP/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Thanks to the support at 1.9600 GBP/NZD was able to start a recovery; although, for now it has been only a short term trend. The near term outlook appears to be bullish, as the price is currently hovering near the lower trend-line of the pattern. We could expect the pair to appreciate towards the major level at 2.0000, which was approached and even breached at the beginning of August. Nonetheless, the shorter term technical indicators are bearish, leaving the room for potential downward break-out. For that to happen the GBP/NZD should dive beneath the monthly PP at 1.9735. The SWFX traders sentiment is bullish (64.33%), thus they do not favour a bearish break-out.
© Dukascopy Bank SA
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