GBP/NZD 1H Chart: Broadening Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Sterling has just recently penetrated one of the most important support lines at 2.1575, represented by the weekly pivot point and 55-hour SMA. This event increases the probability that the pattern's lower boundary will be reached within the next 24 hours. The only obstacle, which may reverse the pair before it nears the trend-line, is the 100-hour SMA at 2.1511. However, hourly technical indicators assume the bears will manage to send the pair towards 2.1483, before another up-leg takes place. The long-term bullish sentiment is shared by daily studies at the moment. Moreover, 57% of SWFX traders are holding long open positions on the Pound versus the Kiwi.
© Dukascopy Bank SA
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