© Dukascopy Bank SA
As seen from the chart, at the moment the British pound is trying to bounce to the upside against the Kiwi, even though the first attempt last week used to be unsuccessful. The main problem is created by a dense supply area around 1.97, represented by the monthly S1, weekly R1 and 100-period SMA.
Concerning outlook for the foreseeable future, market participants are supporting the bullish case for the pair, with more than 54% of long opened positions. However, technical studies are less optimistic. While 4H and weekly ones are sending a neutral aggregate signals, daily indicators are currently pointing downwards.
© Dukascopy Bank SA