GBP/NZD 1H Chart: Triple Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/NZD was bouncing off its formidable support line at 1.9799 that is regarded as a defence against a sharp decline. After each bounce, the pair was rallying close to more than a two-month high that acted as a strong resistance forcing the pair come off this level every time it approaches this mark.
Currently, the currency couple is heading towards a tumble, as it has already crossed both short- and long-term SMAs and is nearing pattern's support at 1.9802 that would prompt tests of the next support levels at 1.9708 (daily S2) and 1.9579 (daily S3). Confirming this view, market participants are bearish
© Dukascopy Bank SA
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