GBP/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There are almost no reasons to be bullish on the Sterling at the moment. GBP/NZD has just bounced off of the upper edge of the descending channel, and the nearest significant demand area is only at 2.2430, created by the weekly S3 and October low. However, a rally is expected to start lower, near the lower trend-line. At the same time, the four-hour and daily technical indicators imply a negative bias, and the SWFX sentiment is bullish, again meaning there might not be enough room for new buyers to enter the market. Even if there is a sudden jump through 2.2730, there will still be the Dec 3 high and the 200-hour SMA preventing further development of a recovery.
© Dukascopy Bank SA
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