GBP/NZD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook on GBP/NZD is strongly bearish. The currency pair has formed a high-quality channel, which implies an immediate sell-off from 2.1688. Moreover, four-hour, daily and weekly indicators are giving ‘sell' signals, and a majority of positions are long, implying there is plenty of room for new sellers. The June low at 2.1344 is unlikely to play an important role in the evolution of the exchange rate, but it may well trigger a bullish correction within the pattern. In the meantime, in case the bulls overpower bears near the falling resistance line, the new target will be set at 2.1940, which is the weekly pivot point, followed by the monthly S2 at 2.2170 and by the December 17 high at 2.2310.
© Dukascopy Bank SA
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