GBP/NZD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The presently emerging pattern itself does not mean a lot for the overall trend, but the fact that the currency pair has just broken a 12-week resistance trend-line does. The British currency is thus looking fairly strong, and this is confirmed by the hourly and four-hour technical indicators, although the daily studies are mostly bearish. All in all, during the next few days the price is expected to undergo a downward correction under 1.8150 and towards 1.80, but the next week is likely to be bullish for the Sterling, with the August 8 high at 1.8470 being a potential target. However, we should still recognise considerable downside risks, as the Pound is heavily overbought—74% of positions in SWFX are long.
© Dukascopy Bank SA
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