GBP/NZD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The triangle pattern GBP/NZD has been fluctuating within for the past 300 hours has just been breached to the downside. The up-trend support at 1.9225 did not manage to withstand the recent bearish pressure that appeared after the currency pair touched the upper boundary of the formation at 1.9348, thereby leading to a conclusion that the outlook is negative. This idea is shared by a majority of SWFX market participants, 63% of whom are currently holding short positions. The nearest notable supports GBP/NZD is going to encounter are at 1.9146 and 1.9064, these are the daily S1 and S2 levels respectively.

© Dukascopy Bank SA
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