GBP/NZD near long-term pattern
The Pound has been trading in an ascending wedge against the New Zealand Dollar for the last nine weeks. This pattern is rather chaotic, as the rate failed to reach the upper wedge boundary for several weeks prior to surging up to the 1.87 mark. Nevertheless, it has approached a one-year symmetrical triangle apparent on the daily chart.
This suggests that even if the Pound manages to push up to the 1.88 area, reinforced by the monthly R2 at 1.89, further gains are unlikely during the following weeks, at least. Meanwhile, the last few candles demonstrate that the bearish up-move has lost its strength and consequently might give the upper hand to bears even before reaching the upper triangle line.
The rate faces a significant support set by the 100–, 55– and 200-hour SMAs, the weekly and the monthly R2 in the 1.8500/1.8440 area.
This suggests that even if the Pound manages to push up to the 1.88 area, reinforced by the monthly R2 at 1.89, further gains are unlikely during the following weeks, at least. Meanwhile, the last few candles demonstrate that the bearish up-move has lost its strength and consequently might give the upper hand to bears even before reaching the upper triangle line.
The rate faces a significant support set by the 100–, 55– and 200-hour SMAs, the weekly and the monthly R2 in the 1.8500/1.8440 area.
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