GBP/NZD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although at the moment the Sterling is being sold off against the US Dollar, this is considered to be a downward correction. The bearish momentum is supposed to run out of steam around 2.1076, where the daily PP merges with an up-trend. The rally from there should then extend up to 2.16.
On the other hand, if the trend-line at 2.1076 fails to stop the decline, the price will likely fall down to 2.06, while additional major supports are at 2.05 (weekly PP) and at 2.04 (200-hour SMA). However, the SWFX market participants seem to dislike the idea of the more expensive Pound. Among the open positions only 28% are long.
© Dukascopy Bank SA
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