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Despite the fact that the upper trend-line was breached once, the channel down on an hourly chart of GBP/NZD seems to be a reliable pattern. At the moment the major resistance is found at 1.9143, a cluster of various studies, including but not limited to the 200-hour SMA, daily R1 and a down-sloping line. Accordingly, we would expect this area to cap the price and guide it towards the lower edge of the pattern at 1.8895. This level is currently being guarded by the daily S1 and S2 at 1.8992 and 1.8926 respectively. In the meantime, technicals on all relevant time-frames are mixed.
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