GBP/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having established a major support area in the vicinity of 1.93, GBP/NZD is now in an up-trend. And while the overall outlook is strongly bullish, there is likely to be a downward correction in the near future. The price is expected to descend to 2.26-2.25 area before the rate makes an attempts to re-test the upper boundary of the channel. However, if demand turns out to be insufficient, there will be a high chance of a deeper decline, to 2.1950, where the monthly S1 merges with the 200-period SMA. Additional support will be at 2.1321, represented by the lowest trading level recorded in June. Still, the sentiment is mostly bullish, being that 58% of open positions are long.
© Dukascopy Bank SA
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