GBP/NZD 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound is in a falling wedge pattern against the New Zealand Dollar, as the currency exchange rate moves near the pattern's lower trend line, testing the support line. The lower trend line is also supported by the weekly S1 at 1.8122. As the currency pair will move northwards to the pattern's upper trend line, it will face a resistance cluster made up of the monthly and weekly pivot points located respectively at 1.8376 and 1.8389. The pair has already once bounced off the combined PP resistance cluster, and due to that it is possible that it might happen again. In addition, the 55-period SMA is closing in from above on the resistance cluster at 1.8423, and the simple moving average at this rate will reach the cluster in around 12 hours.
© Dukascopy Bank SA
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