GBP/NZD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Until very recently, namely most of November, the currency pair has been directionless, jumping around the 200-hour SMA. However, on Nov 29 the British Pound started to appreciate relative to the New Zealand Dollar and, as a result, GBP/NZD formed an accelerated bullish channel on an hourly chart.
And while the technical indicators are slightly more bullish than bearish at the moment, suggesting that the trend will continue, at least in the nearest future, the sentiment of the SWFX market is strongly bearish with respect to this currency pair—merely 30% of traders are holding long positions at the moment.
© Dukascopy Bank SA
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Fri, 22 Nov 2013 13:06:21 GMT

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