GBP/NZD 1D Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering that GBP/NZD is currently forming a well-defined falling wedge, the upside risks are increasing. However, the bullish break-out is not expected to transpire this month. The Sterling is to bounce off of the resistance trend-line at 2.1350 and then slide towards 2.00. There the pair will meet the long-term trend-line that connects the 2013 and 2015 lows. The test of this demand area should give the rate enough impetus to exit the pattern. In this case, the first target will be 2.15, represented by the March high, followed by the current 2016 high at 2.25. The SWFX sentiment is also against the immediate rally, as the Pound is overbought—71% of positions are long.
© Dukascopy Bank SA
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