GBP/NZD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/NZD has successfully completed its bearish correction since the last time we reviewed the pair. This means the British Pound is now in a good position to resume the recovery from 2.15 started at the very end of 2015. The bullish outlook is also reinforced by the four-hour and daily indicators, and the price is expected to surpass the January 10 high and rise up to the 2.2470/30 supply area, where it will meet the weekly R1 level and the upper boundary of the channel. Alternatively, in case of a dip through 2.21, the first target will be the weekly pivot point, followed by the major demand zone circa 2.19, where the 200-hour moving average merges with the January 7 low.
© Dukascopy Bank SA
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