GBP/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In its recent falls the Pound has reached a lower trend line of a medium term ascending channel pattern against the New Zealand Dollar. In accordance with the pattern, the currency exchange rate is about to experience a short term surge. Although, it is possible that the rate breaks out of the medium term pattern, as it was recently forced down by the 200-period SMA, which helped the upper trend line of the pattern. Due to that reason it could break the support line of the pattern, as it could not be strong enough on its own. The situation needs to be monitored closely by market participants to understand the future movements.
© Dukascopy Bank SA
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Mon, 06 Feb 2017 09:24:15 GMT

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