© Dukascopy Bank SA
Today the GBP/NZD currency pair picked up above moving averages on all time-frames, meaning that they are going to support bulls in the nearest future. We expect the Sterling to grow up the closest resistance at 2.4578 (weekly R1). A failure at this level may provoke sell-off back to the pattern's lower trend-line, which is in turn strengthened by the weekly pivot point around 2.43. On the other hand, a rise above 2.46 should give the pair enough impetus to surge up to the pattern's resistance (2.47). A breach of the latter will expose the weekly R2/daily R3 at 2.4866/79. Meanwhile, market sentiment is rather neutral right now as bulls and bears are holding 47% and 53% of all trades, respectively.
© Dukascopy Bank SA