GBP/NZD 1D Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Judging by the pattern emerging in the daily chart of GBP/NZD, the British Pound is getting ready for a bullish break-out. It is unlikely to transpire in the nearest future, but there is a good possibility of GBP/NZD violating the upper boundary of the falling wedge next month. Considering that the indicators are mixed and the Sterling is overbought (72% of positions are long), the price is expected to bounce off of the major supply area between 2.25 and 2.26, where the trend-line is reinforced by the monthly R1 and the long-term moving average. The ensuing decline will likely bottom out at 2.1060. Once above the red trend-line, the target will be the November high and monthly R2 at 2.3650/2.3550.
© Dukascopy Bank SA
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