GBP/NZD 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/NZD disappointed market participants by unexpectedly reversing its trend a day earlier thus moving farther from the double bottom pattern's neck-line at 1.9618.
At the moment, the currency couple is sitting near the 50-bar SMA at 1.9502. Given that most traders have not lost faith in the pair – around 65% of them still believe the currency couple will appreciate in the hours to come – we may expect the instrument to bounce off its short-term SMA and reduce the distance from the neck-line thus confirming that a bullish breakout may be looming.
© Dukascopy Bank SA
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