GBP/NZD 1H Chart: Pound breaches minor down-trend
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The Pound has been confined in a channel up against the New Zealand Dollar since mid-July.
However, the pair failed to reach its upper boundary during the last wave up, as the rate reversed near the 1.95 mark. The Pound has subsequently formed a minor descending channel the bottom boundary of which was tested on Thursday.
Meanwhile, the given currency breached a short-term up-trend early in this session, thus pointing to a possible increase in price within this session.
In case of a strong upside momentum, a possible upside target could be the 1.97 area, as the weekly and monthly R1s are located nearby. Subsequently, the pair could resume its current momentum south towards the lower boundary of the senior channel in the 1.91/92 area.
However, the pair failed to reach its upper boundary during the last wave up, as the rate reversed near the 1.95 mark. The Pound has subsequently formed a minor descending channel the bottom boundary of which was tested on Thursday.
Meanwhile, the given currency breached a short-term up-trend early in this session, thus pointing to a possible increase in price within this session.
In case of a strong upside momentum, a possible upside target could be the 1.97 area, as the weekly and monthly R1s are located nearby. Subsequently, the pair could resume its current momentum south towards the lower boundary of the senior channel in the 1.91/92 area.
Note
Recently the Pound rebounded against a support line of a long term channel up pattern against the New Zealand Dollar. However, the resulting surge has already stopped, as it has met a junior resistance.
Although, the resistance is not a part of a pattern. Instead the resistance, which forced the pair lower, was represented by a trend line. The trend line can be drawn by connecting the mid-November high levels.
Meanwhile, it can be observed that the trend line is most likely going to be broken due to various reasons. Above all is the dominant trend up. However, the 55-period SMA is the one, which seems to be going to provide the necessary push for the breaking of the mentioned resistance line.
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