GBP/NZD 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A descending triangle has been directing the movements of GBP/NZD for two months already, implying downside potential for the currency pair. Currently on its way towards the upper trend-line of the triangle pattern at 1.8200, the rate is expected to dip in the nearest future, breaking the bottom trend of the pattern at 1.7739. If the pattern holds for now, the pair will next hitch at 1.8178/82, the monthly Pivot Point and Upper Bollinger Band cluster where it will begin its rally towards the trend-line smoothly. A 66 percent overbought Pound might, in turn, imply that the dive could start immediately, with the weekly Pivot Point at 1.8070 as the near-term target. Aggregate technical indicators, on the other hand, indicate that the price will inch higher just to dip after that – a scenario consistent with our expectations.
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