GBP/NZD breaches channel
After reaching a 1.5-year high of 1.9830 on December 1, 2017, the Pound started to edge lower against the New Zealand Dollar and thus formed a channel down.
The latest test of its bottom boundary occurred mid-January as a result of which the pair started to appreciate steadily. However, the strong hourly surge which occurred on January 24 pushed the rate above the upper channel line and towards 1.95.
As apparent on the chart, the Pound has been reluctant to pass the 1.9450 area during the previous trading sessions. However, it is expected that the pair eventually accelerates and approaches the aforementioned 1.98 level, as it is currently reinforced by the 55- and 100-hour SMAs and the monthly PP circa 1.92.
The latest test of its bottom boundary occurred mid-January as a result of which the pair started to appreciate steadily. However, the strong hourly surge which occurred on January 24 pushed the rate above the upper channel line and towards 1.95.
As apparent on the chart, the Pound has been reluctant to pass the 1.9450 area during the previous trading sessions. However, it is expected that the pair eventually accelerates and approaches the aforementioned 1.98 level, as it is currently reinforced by the 55- and 100-hour SMAs and the monthly PP circa 1.92.
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