GBP/NZD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being unable to overcome the resistance between 2.08 and 2.105 during the last two months, the bulls gave up, which led to formation of a bearish channel. Accordingly, GBP/NZD should now be capped by the supply at 2.0038, where the weekly pivot point merges with the Nov 19 high and with a down-trend. The short-term objective for the rate is the current Nov low at 1.9622, but the sell-off is likely to extend lower, down to 1.9369. There the falling trend-line coincides with the Sep low, which proved to be an important level for the market participants in the past. However, the traders consider the pair to be oversold—68% of them are planning to profit from Sterling's appreciation.
© Dukascopy Bank SA
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