GBP/NZD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having hit a one-week low of 1.8989 on July 26, GBP/NZD started a bullish trend, faltering between two upward-sloping boundaries. Currently, the currency couple is vacillating below its 200-bar SMA close to the level of 1.9591 (daily PP). Technical indicators and traders' outlook are sending contradictory signals, as technical indicators are calling for a depreciation of the pair in the short-term, while more than 68% of market players are bullish on the pair. SMA trends also are worth considering, as at the moment 50-bar SMA is nearing 200-bar SMA, and if the moving average crossover occurs, it will represent a death cross that is a strong bearish signal.
© Dukascopy Bank SA
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