GBP/NZD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a channel down pattern emerging on an hourly chart of GBP/NZD currency pair. After trading sideways for some time, the pair has finally decoupled from the 200-hour SMA, which it has been gravitating to for more than 200 hours. Now GBP/NZD is testing the potential upper boundary of the downward-sloping corridor at 1.6045, which should remain intact in order for the formation to be validated. If this is the case, then the supports that are likely to be encountered in the nearest future are the daily S1 and S2 at 1.8977 and 1.8870 respectively, while the falling trend-line at 1.8811 is expected to initiate a bullish correction. 

© Dukascopy Bank SA
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