© Dukascopy Bank SA
Since Jul 9 GBP/NZD has been consistently recovering from a low of 1.8865, delaying advancement only on a few occasions and for short periods of time. It was 60 hours ago when the price encountered a formidable resistance area at 1.9469, which did not let the British Pound to move any higher. On the other hand, the dips initiated at this resistance were contained by the tough support at 1.9254, which is now the neckline of the triple top pattern. Right now GBP/NZD is in close proximity to this level, penetration of which should entail a decline that may extend through 1.9153 down to 1.9039.
© Dukascopy Bank SA