GBP/NZD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since late September the pair has been falling with lower highs and lower lows. That also has resulted into a formation of a bearish channel.
The trading range of the pattern is rather wide and the GBP/NZD has been hovering around the upper trend-line for some time. Although, its not completely clear whether it is a sign of the bulls forming a attack. Nonetheless, only 52% of the SWFX market participants are bullish on the pair, thus a heavy buying is not expected. The pair is well-supported by the daily/monthly PP, 100 and 200-period SMAs slightly above the substantial level of 2.00. Moreover, the daily technical studies are to the upside.
© Dukascopy Bank SA
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