GBP/NZD 30M Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a 2.8% dive over the last couple of days, GBP/NZD entered a descending triangle to continue the bearish themes after a consolidation. The pair is now making its way through the pattern towards the southern border and is likely to break below the support line of 1.7509 eventually. After exiting the red cloud resistance the pair will face just one small obstacle just before the trend-line at 1.7513 and, depending on the amount of momentum it steals, it could either let the rate through to its target or send it skyrocketing. In case the pattern proves mature enough to break on the current wave, 1.7483 will be the first level it faces outside.
© Dukascopy Bank SA
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