GBP/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/NZD continues to trade within the boundaries of the bearish channel the pair formed a while ago. And still there are very few reasons for a reversal: July low, which represented one of the most important nearby supports has already been broken, and most of the technical indicators in all three relevant time-frames are mostly pointing south.
In the short term, however, there could be a small upward correction, being that the currency pair has just met the lower trend-line of the pattern. In the meantime, the distribution between the longs and shorts is skewed in favour of the former—they constitute 57% of the market.
© Dukascopy Bank SA
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