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Price action throughout the past 290 hours suggests that GBP/NZD is currently trading within a descending triangle, since from above the fluctuations were contained by the falling resistance line from above and underpinned by the horizontal support line from below.
Right now the boundaries of the pattern are to be found at 1.9312 and 1.9214, but they are not expected to hold for a prolonged period of time, considering that the apex is nearby. The technical studies at the moment are not unanimous, but the SWFX traders' sentiment is strongly negative—67% of the positions are short.
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