GBP/NZD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Thanks to the strong support at 1.9370 GBP/NZD was able to commence a robust recovery earlier this month. This is evidenced by the currency pair forming a bullish channel. The near-term outlook, however, appears to be bearish, being that the price is currently fluctuating near the upper trend-line of the pattern. Accordingly, there is likely to be a downward correction, probably down to 1.9657, before the bulls once again take full control of the market. On the other hand, this scenario is neither supported by the technical indicators, which are largely mixed, nor by the SWFX market traders, who are mostly holding short positions at the moment (64%).
© Dukascopy Bank SA
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Tue, 29 Jul 2014 06:05:49 GMT

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