GBP/NZD 30M Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/NZD closed the last three days in the red zone and is likely to continue the streak as the channel down shows no hope for a reversal. The pair has recently stuck to the bottom trend-line of the pattern, forming a new trend-line that has made a somewhat perfect wedge and is now working on a conclusive breakout to test the upper trend-line of the channel around the 1.7605 area. We expect the rate to hitch at 1.7547/52 before the trend-line is reached and then go on to a larger scope wave south in order to sustain the bearish market. We see 1.6984 as the level that will ultimately cut the losses in case the pair manages to dive as low.
© Dukascopy Bank SA
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