GBP/NZD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The GBP/NZD currency pair is mainly expected to continue appreciating. However, in the short-term a correction is highly likely, considering that the pair has just recently touched the upper trend-line of the pattern. At the same time, the present rising wedge pattern implies a narrowing trading range, which will make it difficult for the Sterling to show volatile movements. As soon as the pair nears the lower boundary, it will be forecasted to receive strong bullish momentum from the weekly R1 at 2.2639. Technical indicators on the short and medium-term time frames support the positive scenario, and the vast majority (74%) of traders are also bullish on the Pound versus the Kiwi.
© Dukascopy Bank SA
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