GBP/NZD 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The second currency pair with the New Zealand Dollar has formed a completely different pattern on a 4H chart. The GBP/NZD cross has been developing mostly sideways since last week of January; therefore, it created a rare double top figure. Right now the trading level is located just around the valley between two maximums. If this line, which has no support until 2.03, pushes the pair back upwards, then we may observe a creation of rectangle pattern. However, short-term technical indicators believe the pattern will be confirmed to the south and the British Pound will go in the direction of 200-period SMA at 2.0130. Moreover, market sentiment is also negative (58%) for this currency pair.
© Dukascopy Bank SA
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