GBP/NZD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The overall outlook on GBP/NZD is bullish, being that the currency pair has recently broken through the upper boundary of the falling wedge that had been previously formed in the daily chart. Considering shorter-term developments, namely the price approaching the apex of the rising wedge in the hourly chart, there is likely to be a sell-off from 2.1244/28 (up-trend, daily R1 and Mar 29 high) before the Sterling resumes its long-run recovery. In the end, the rate may slide down to 2.08/2.07 before the bulls are able to regain control of it. Nevertheless, there is still a decent chance that the dip will be limited by a rising support line at 2.0950 that was established last week.
© Dukascopy Bank SA
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