GBP/NZD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 238-bar long channel up was formed by GBP/NZD on July 9 and it seems that pattern is moving to its apex, as bulls are pushing the pair below the support line. Even though, usually, this move is interpreted as a "sell" signals, in this particular case the pair is likely to continue depreciating. At the moment of writing 56% of traders were holding short positions, meaning a slight majority of traders are expecting a beginning of a downtrend after the pair has been channelling up for 238 bars. Moreover, Stochastic is neutral on all timeframes, pointing at the continuation of the current movement and showing no possible turning points.
© Dukascopy Bank SA
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