GBP/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/NZD disregarded the major demand area around 2.03, and the price keeps falling within the descending channel. Both the pattern and the majority of technical indicators imply that the rate will confirm resistance at 2.0220 and then will extend the sell-off from 2.20 down to 1.9630. However, we should note that the upside risks are currently increased, mainly because of the trend-lines that earlier formed a nine-month falling wedge starting from last year's August. The upper one is at 1.9850, reinforced by the weekly S1. This support is followed by the lower trend-line that is joined by the April and January 2015 lows between 1.93 and 1.9250, making this a highly unlikely candidate to be broken.
© Dukascopy Bank SA
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