GBP/NZD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A decline to a two-month low of 1.9460 in mid-January marked the beginning of the rising wedge pattern, vacillating within which the pair managed not only to recover losses some of the previous losses but also to climb to a three-week high at 2.0216 on January 24.
 Now the pair is siting above the 50-hour SMA that started to act as a strong support level six hours ago when the currency pair bounced off the lower boundary of the pattern. In the meantime, technical indicators suggest a weakness in the short and medium term that, if materializes, may push the pair again to the pattern's lower boundary.
© Dukascopy Bank SA
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