GBP/NZD 1H Chart: Broadening Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
The Pound is testing an important support in the 2.2609-2.2576 range, which consists of the weekly and daily pivot points, 100 and 55-hour SMAs. The cross had no issues in crossing the similar area earlier on Monday, meaning we can estimate the sell-off to succeed. It is worth pointing out that 1H and daily technical indicators are giving signals to sell GBP/NZD at the moment. On top of that, market sentiment is 53% negative. Any possible advance is likely to be capped by 200-hour SMA at 2.2717, which keeps our mid-term outlook in the bearish zone. Eventual target for the bears is 2.22 (trend-line), which is going to be reached after violating daily S1 and S2 at 2.2478 and 2.2290, respectively.

© Dukascopy Bank SA
© Dukascopy Bank SA
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