GBP/NZD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 194-bar long channel up was formed by GBP/NZD on January 14 and so far the pair has been perfectly moving in pattern's boundaries. On Tuesday the pair was strongly bearish, following a report from the ONS that showed U.K. GDP data, the pair moved closer to the lower boundary, and, according to technical indicators, it will be able to reach it. Market sentiment is not clearly marked, as just 57% of opened positions are long. Vast majority of pending orders, however, is placed to sell the pair and taking into account the fact the Pound is sold in 63% of all cases across the board, a move towards pattern's support seems to be realistic. First key level, however, is located at 2.000.
© Dukascopy Bank SA
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