GBP/NZD marks reversal
The Pound has gained valued against the New Zealand Dollar since mid-August, creating a short-term ascending channel. This up-move is a part of a senior ascending channel which was formed early in June.
The rate is currently trading near the upper boundary of the senior formation which coincides with the 50.0% Fibonacci level. Further upside momentum could guide the pair towards the monthly and weekly R1s at 1.8220.
The subsequent move is expected to occur southwards to respect the boundaries of the senior channel. The nearest support of importance is set by the 100– and 55-hour SMAs near 1.8050.
The rate is currently trading near the upper boundary of the senior formation which coincides with the 50.0% Fibonacci level. Further upside momentum could guide the pair towards the monthly and weekly R1s at 1.8220.
The subsequent move is expected to occur southwards to respect the boundaries of the senior channel. The nearest support of importance is set by the 100– and 55-hour SMAs near 1.8050.
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