GBP/NZD 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
While we can argue that GBP/NZD is forming a channel up at the moment, there is also a good opportunity for a symmetrical triangle to emerge, given the most recent fluctuations. Considering that this pattern suggests continuation of the general trend, the risks are somewhat skewed to the downside. However, in order to confirm its bearish intentions, the currency pair needs to close beneath the rising trend-line at 1.9210; otherwise the Sterling is likely to appreciate relative to the New Zealand Dollar. SWFX market sentiment, in the meantime, is strongly bearish towards GBP/NZD, as 66% of open positions are short.
© Dukascopy Bank SA
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