GBP/NZD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/NZD is currently recovering within a channel after dipping as low as 1.7710 last week, the lowest level since 2013. In the near-term perspective, the pattern implies a rebound from 1.86 and towards 1.9250. The lower bound of the channel is currently weak, but the positive outlook is strengthened by the technical studies and the fact that the immediate support is a round level and a location of the daily PP. The main obstacle for the bulls is seen at 1.9045/25, where the daily R2 merges with the weekly R1 and June 29 high, which has been confirmed as a notable resistance level on several occasions. In any case, 1.94 should be the ceiling for the rate, being the eight-week falling resistance line.
© Dukascopy Bank SA
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