GBP/NZD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a tap at three-month highs, GBP/NZD proved the area unsustainable with a channel down. The pattern has a solid and an alternative trend-line, based on the pair's recent step under the bottom boundary, which it is testing now. In case the pair goes on to rebound, the trend-line will be confirmed, meaning that it remains inside the pattern. If, however, 1.7490 does not hold the rate above, a prominent dip is likely to come next. In a third scenario, where the pair posts a small green candle over the next hour and touches the broken solid trend-line, but fails to extend the gains, we will consider the motion a retracement and again expect a plunge below the pattern.
© Dukascopy Bank SA
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