GBP/NZD 1H Chart: Channel Down
The British Pound is losing value against the New Zealand Dollar in a short-term descending channel that formed in result of a rebound from the monthly R1 at 1.7916 made by the exchange rate two weeks ago.
In the first hours of Monday trading session the currency pair made a number of attempts to break to the top, but was stopped by a combination of the pattern’s upper trend-line and the 55-hour SMA, which is moving precisely along the channel.
For this reason, the rate is expected to gradually slip to the bottom towards the updated monthly S1 at 1.7486.
In addition, given that in the upcoming three days there will be no fundamental data releases, the pair should not make a premature breakout from the formation.
The British Pound is losing value against the New Zealand Dollar in a short-term descending channel that formed in result of a rebound from the monthly R1 at 1.7916 made by the exchange rate two weeks ago.
In the first hours of Monday trading session the currency pair made a number of attempts to break to the top, but was stopped by a combination of the pattern’s upper trend-line and the 55-hour SMA, which is moving precisely along the channel.
For this reason, the rate is expected to gradually slip to the bottom towards the updated monthly S1 at 1.7486.
In addition, given that in the upcoming three days there will be no fundamental data releases, the pair should not make a premature breakout from the formation.
