GBP/NZD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Another GBP cross is moving to the north, indicating the latest weakness in British currency. However, GBP/NZD currency couple is now facing a strong support from the 200-bar at 1.955, and according to the performance of the last 7 4H bars, it would be extremely difficult for bears to push the price lower. Moreover, market sentiment is not clearly marked and the majority of technical indicators are sending "buy" signals. Therefore, the pair is likely to appreciate, and the first stop could be found at 1.9704– weekly pivot and daily resistance. However, in case of the downside movement short traders could focus on 1.9507– a Fibonacci retracement and a recent low.
© Dukascopy Bank SA
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