GBP/NZD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
On November 18, GBP/NZD seemed to have broken through the support lines of the 341-bar long rising wedge pattern that started in the second part of October. However, the pair's movements proved the breakout to be false. At the moment of writing, the currency pair has returned to the pattern's territory and traded within its boundaries for 11 consecutive hours. GBP/NZD is likely to continue climbing as 70% of market participants are bullish on the pair. Technical indicators bolster traders' opinion, sending bullish signals for the short-and long-term but suggesting a possibility of weakness in the medium-term.
© Dukascopy Bank SA
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