GBP/NZD 1D Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/NZD appears to be trading within the falling wedge, meaning we should be wary of a strong rally once the price is above the red trend-line. In the short term the pair is likely to stay bearish and bounce off of resistance at 2.21/2.20 down to 2.11/2.10, but there is a high chance that eventually the Pound will break through the falling resistance line. However, in order to confirm the bullish outlook the price will have to overcome a number of tough resistances, including the monthly R1 and January high at 2.25, also the monthly R2 and 200-day SMA at 2.29/2.28. At the same time, if the bulls fail to push the exchange rate higher, the floor is seen at 2 dollars, where we have the trend-line drawn through the 2013 and 2015 lows.
© Dukascopy Bank SA
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