GBP/NZD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While the weekly outlook on GBP/NZD is bullish, in the short run there is likely to be a 200-pip sell-off. Even though the hourly and four-hour technical indicators are mostly giving ‘buy' signals at the moment, the currency pair has recently confirmed the upper boundary of the channel, meaning there should now be a downward correction, which may extend to the 2.2050/00 area, where the rising support line is reinforced by the weekly pivot point. The decline is also implied by the current sentiment in the market—57% of open positions are long. However, if the bulls overpower bears and push the price beyond 2.2350, the next target will be the weekly R1 level at 2.2468.
© Dukascopy Bank SA
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