GBP/NZD 1H Chart: Channel Down

The weekly pivot points proved to be of great significance for GBP/NZD. First, the currency pair was well-supported by the weekly R1 at 1.9678. Then the price topped out at 1.9769, which is represented by the weekly R2. And at the moment the weekly PP acts as a reliable line in the sand, preventing every attempt of the Sterling to gain bearish momentum. However, right now the exchange rate is facing a tough resistance at 1.9607, which is formed by the down-trend and 200-hour SMA. Consequently, there is a high chance that 1.9559 will not be able to keep GBP/NZD buoyant any longer. If this is the case, 1.9467 is likely to be targeted next, even though 74% of open positions are long.