GBP/NZD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a potential bullish channel currently emerging on the four-hour chart of GBP/NZD. This pattern implies the up-trend support line at 1.9466, which safeguards the positive outlook on the currency pair and should be able to push the price towards the upper boundary of the positively-sloped corridor at 1.9770.
And while some of the daily technical indicators (MACD, AROON and SAR) are in favour of such a course of events, longer-term studies warn that the Sterling may nonetheless weaken against the New Zealand Dollar. Meanwhile, the market seems to be undecided regarding the pair's tendency—46% of open positions are long and 54% are shot, meaning that the sentiment is neutral.

© Dukascopy Bank SA
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