GBP/NZD 4H Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The GBP/NZD currency pair experienced a strong decline in value during the second and third weeks of March. Following a stabilisation around 1.94, the Sterling began trading sideways versus the Kiwi, which eventually resulted in emergence of a rare rectangle pattern on a 4H chart. At the moment the pair is testing its upper boundary, which is strengthened by one of the most important technical lines—the monthly pivot point at 2.00. Despite the difficulty to penetrate this area, daily technical studies suggest that bulls will succeed and push the Pound further to the north. Moreover, the bullish view is shared by the vast majority of market participants, namely 74% of them.
© Dukascopy Bank SA
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