Recently due to a combined resistance of the 23.60% Fibonacci retracement level at 1.8842 and the upper trend line of a long term ascending channel near the 1.90 mark the Pound has begun to lose value against the New Zealand Dollar. As a result of that a narrow ranged descending channel has formed, which is most likely the representation of the first move inside the borders of a medium scale pattern. Market participants are most likely going to watch how the situation develops and attempt to profit from the pair's eventual decline down to the lower trend line of the large scale channel up pattern.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 1.8563/8655 | 55 and 100-period SMAs; weekly R1 | MACD (12; 26; 9) | Sell | Buy | Buy | ||
| R3 | 1.8510/15 | 200-period SMA; monthly PP | RSI (14) | Buy | Neutral | Neutral | ||
| R2 | 1.8357 | Weekly PP | Stochastic (5; 3; 3) | Sell | Neutral | Sell | ||
| R1 | 1.8296 | Trend line | ADX (14) | Sell | Neutral | Neutral | ||
| S1 | 1.8144 | Monthly S1 | CCI (14) | Neutral | Buy | Neutral | ||
| S2 | 1.8000 | Trend line | AROON (14) | Buy | Buy | Buy | ||
| S3 | 1.7886 | Weekly S1 | Alligator (13; 8; 5) | Sell | Neutral | Buy | ||
| S4 | 1.7636/09 | Weekly S2; Trend line | SAR (0.02; 0.2) | Sell | Sell | Buy | ||
| Aggregate | ↘ | ↗ | ↗ |