GBP/NZD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound/Kiwi cross started forming the present channel down pattern in the beginning of October, since then covering more than 230 candles. On December 9, the pair bounced from the upper trend-line and is getting ready to lose value in the foreseeable future. However, there is a tough demand zone ahead, which is located around 2.01 (monthly and weekly PP), which could push the British pound to the upside. This scenario, in particular, is suggested by medium and long-term technical studies, as they see the pair trading higher in the future. Moreover, market sentiment is generally mixed, as bears are having only a slight majority over bulls with 53% of all opened positions.
© Dukascopy Bank SA
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