GBP/NZD 4H Chart: Double Bottom

Bulls are facing huge challenges ahead of them. There is willingness to advance in value from the most recent bottom at 2.2434, which is strengthened by the weekly S1. After crossing the weekly pivot point and 55-period SMA at 2.2725, the next resistance will be touched at 2.2847 (100-period SMA). This mark is shortly followed by the monthly S2, weekly R2 and pattern's upper horizontal boundary. Even though 66% of traders believe in the Pound's ability to rise against the Kiwi, we tend to be sceptical on the matter. Only a substantial bullish impetus may push GBP/NZD beyond 2.3032 in the near term. Meanwhile, daily studies suggest a decline may resume in the next 24 hours.