GBP/NZD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the beginning of the week GBP/NZD came close to the upper boundary of the falling wedge forming in the daily chart. As a result, the pair bounced off of 2.1240 and pierced through the five-week up-trend line, exposing the February low. Accordingly, we are bearish on the Sterling and expect the rate to keep falling within the descending channel. If both the weekly S2 at 2.0770 and the previous month's minimum at 2.0630 fail to initiate a rally, during the next several days GBP/NZD may already test demand circa 2.0550, where the weekly S3 reinforces the lower trend-line of the pattern. In the meantime, positioning among the SWFX traders reveals that they are currently undecided—49% of positions are long and 51% are short.
© Dukascopy Bank SA
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