GBP/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As the bulls proved to be unable to sustain a rally beyond 2.08, GBP/NZD now appears to be trading in a bearish trend. However, in order to confirm the negative long-term outlook for the Pound, the mentioned resistance will have to stop the current rally from 2.0350 once again. If the down-trend together with the weekly R2 withstands the attack, the exchange rate will be expected to return back to the lower boundary of the channel at 2.0300/2.0250 before another upward correction. At the same time, the sentiment among the SWFX market participants is bearish, being that 58% of open positions are short, and the technical studies are mixed on all three relevant time-frames.
© Dukascopy Bank SA
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