GBP/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Last week, the British Pound made an attempt to bounce back from the upper boundary of the bearish channel and fell below 1.96 this Monday. However, bulls have regained strength and GBP/NZD returned back to the pattern's resistance. Judging from technical indicators on a four-hour chart, the Sterling is likely to breach the trend-line and trade upwards in the near-term. However, daily studies suggest the cross will fail to violate the 100-hour SMA at 1.9779 and will continue respecting two downward-sloping lines. Moreover, 59% of SWFX market participants are holding short opened positions, supporting bearish case for this currency pair for the foreseeable future.
© Dukascopy Bank SA
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