GBP/NZD 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair is entering narrower trading range, as it is moving closer to the apex of the triangle formation that started at the very end of November.
This might be the case, when we do not see a sharp break-out to end the pattern. As the majority of the technical indicators in all time frames are neutral. Also there is a strong support level (monthly PP, 200-period SMA) just below the current market price that most likely will limit the potential losses of the pair. Accordingly, there is more potential of a bullish break-out or just a gradual up-trend, after the end of the formation. In spite of that, the SWFX traders' have mostly (60%) opened a long positions.
© Dukascopy Bank SA
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