GBP/NZD 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After forming a double bottom and rallying from 1.94 up to 2.09 in two weeks, GBP/NZD is now consolidating. The pair has recently formed a symmetrical triangle, and the bullish momentum should soon return. Once the price closes above the falling resistance trend-line, currently at 2.06, the target will be set at the February high, though the Sterling may well attempt to challenge the 2014 peak at 2.1060. The positive medium-term outlook is reinforced by the technical indicators on the daily chart, six out of eight are pointing up. In case the up-trend at 2.05 is violated first, there is a strong demand zone at 2.03, where the 38.2% Fibonacci retracement merges with the monthly pivot point.
© Dukascopy Bank SA
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