GBP/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The descending channel the pair is currently trading within suggests a bullish correction of around 150-200 pips from 1.78. The longer-term perspective, however, is quite ambiguous. Although generally the base scenario would be a sell-off from the upper trend-line and a new bearish wave, this might not be the case here. The exchange rate has reached a major support level, represented by the 2013 low, and this might well prove to be enough to prevent the market from selling. If 1.80 is broken, our target will be 1.83. Conversely, should 1.77 fall under the bearish pressure, we will expect the price to fall three figures more, namely down to 1.74 dollars.
© Dukascopy Bank SA
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