GBP/NZD 4h Chart: Falling Wedge

The Pound is losing value against the New Zealand Dollar in a slightly narrowing falling wedge. However, the situation is likely to change at the end of the week. The reason for the upcoming changes is the fact that the currency exchange rate has almost reached the lower trend line of a dominant ascending pattern. The dominant pattern's lower trend line until the start of July will be conveniently located at the 1.72 mark. Most likely the pair will reach this long term support and rebound to form a new ascending pattern. Meanwhile, the technical indicators are supporting this hypothesis, as a decline is forecasted on the daily chart, and no changes are expected by the aggregate forecast on a weekly timeframe.