GBP/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/NZD has recently broken out of the falling wedge pattern, which implies an overall bullish outlook on the pair. The positive bias is also reinforced by the fact that the rate has formed an ascending channel and that a majority of the technical indicators, especially in the four-hour and daily charts, is pointing north. Nevertheless, we should note that the price is approaching a significant resistance area at 2.25/2.24, consisting of the monthly R3, weekly R2 and January high, which together could potentially trigger a strong sell-off. In the meantime, the downside is limited by the lower bound of the emerging channel, weekly S1 and monthly R1 at 2.15/2.14.
© Dukascopy Bank SA
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