GBP/NZD 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 272-bar long bearish, gradually narrowing tunnel caught GBP/NZD late January when the pair approached a two-year high of 2.0443. Since then the Great British Pound has been losing its value relative to its overseas counterpart; however, the pair may change direction soon as it broke though the pattern's resistance, meaning that the breakout might have happened. Market sentiment supports this, indicating that almost two thirds of traders are bullish. If these affirmations materialize, GBP/NZD may enjoy a rally towards daily resistance at 1.9420 that if overcome will push more formidable level of 1.9483/95 (daily R2; 200-bar SMA and four-hour R1, R2) to the fore.
© Dukascopy Bank SA
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