GBP/NZD 4H Chart: Channel Down

GBP/NZD is trying to break a resistance bunch near the bearish pattern's upper boundary at 2.21. Since Tuesday the pair has been experiencing some issues in crossing the monthly pivot point and weekly R2, which are guarding the downward-sloping trend-line from below. Being that the daily and weekly technical indicators are largely bearish, a climb above this dense area seems quite unlikely. Moreover, the Pound is somewhat overbought in the SWFX market, as 61% of all trades are long and it may lead to the appearance of fresh short positions. However, in case a break-out happens any time soon, the next bullish target will be 200-period SMA at 2.2270, followed by monthly R1 near 2.2578.