Daily Forex Update: GBP/NZD
By: Dima Chernovolov
GBP/NZD continues to fall inside the 4-hour Down Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 4-bar level – which reflects the slow Initial Trend (1 bar), below-average Uniformity (3 bars) and strong Clarity (7 bars). GBP/NZD is expected fall further inside this Down Channel – in line with the earlier breakout of the long-term support level shown below.
As can be seen from the daily GBP/NZD chart below, the pair previously broke through the long-term support level 1.8930 (which has been steadily reversing the price from February). This price level is acting as strong resistance after it was broken. The proximity of this resistance level and the accelerating daily Momentum increase the probability GBP/NZD will continue to fall inside this Down Channel.
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