GBP/NZD 1D Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Several months after bottoming out at 1.77 and confirming the 200-day SMA as the new support, GBP/NZD was able to form a bullish channel, which is now more than 100 candlesticks in length. And while the long-term outlook is therefore positive, in the short run the British Pound is set to decline in value relative to the kiwi, being that the currency pair has just tested the upper rising trend-line at 2.05 and, as a result, is undergoing a downward correction, which could extend down to 1.9545, where the lower edge of the figure merges with the weekly S3 and the 200-day SMA. Meanwhile, the SWFX market is undecided with respect to GBP/NZD's future—54% of positions are long and 46% are short.
© Dukascopy Bank SA
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