GBP/NZD 4H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After having found stability in an ascending channel pattern, GBP/NZD broke out of the descending triangle it had formed since June. The channel has decent support which the pair has tested several times already, and is currently approaching again at 1.8147, implying that a downward breakout is quite possible. We believe that the pair will break the lower trend-line of the channel and continue its dip until 1.8023 (triangle upper trend-line) is reached, then bounce off towards the weekly S1 and lower Bollinger Band cluster at 1.8058 and 1.8186 where the lower channel trend-line lies after that. Alternatively, the currency pair will continue moving along the channel lines setting the upper trend-line at 1.8373 as its next target.
© Dukascopy Bank SA
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