GBP/NZD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite being less popular than two previously mentioned currency pairs, GBP/NZD movements are worth describing as the pair has shaped a relatively long channel down pattern that started in mid-September. At the moment, the pair is struggling with heavy selling pressure that occurred after it reached the pattern's resistance for the second time. Two bars ago, GBP/NZD tumbled below its 200-bar SMA that may lead to on-going weakness of the pair and may send the instrument to the pattern's support. Technical indicators support this, sending bearish signals for the short-term.
© Dukascopy Bank SA
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Mon, 04 Nov 2013 07:08:03 GMT

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