GBP/NZD 1D Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the second half of 2013 and until now GBP/NZD has been largely trading between 1.90 and 2.03 without any dedication neither to the bullish nor to the bearish side. Characteristic of this situation, the currency pair formed a symmetrical triangle, but has already broken it to the upside. However, given that the Sterling has just reached the first target represented by the Jun 4 high, we should expect a pull-back to the down-trend and 200-day SMA near 1.97. From there the price is likely to move towards the Jan 31 high at 2.0435, but, considering the October-January rally (16 figures), GBP/NZD might be able to reach the 2012 peak at 2.1063, which played a major role in 2011 as well.
© Dukascopy Bank SA
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