GBP/NZD 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After bottoming out near 1.80 in 2013 GBP/NZD returned into the 2011-2012 trading range. Now the issue is whether the currency pair will manage to retain the upward momentum and reach the levels of 2010, as at the moment is suggested by the monthly technical indicators, or will the Sterling fail to surpass the 2014 high at 2.1065.
Right now GBP/NZD is getting ready to test the up-trend support line at 1.97, which has to stay intact for the long-term bullish outlook to remain valid. Otherwise the bears will have a good chance to push the price back to this year's low at 1.91. Meanwhile, the sentiment is neutral, with 44% of open positions being long and 56% of them being short.
© Dukascopy Bank SA
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