By: Dima Chernovolov

GBP/NZD continues to rise inside the 4-hour Down Channel chart pattern which was recently identified by Autochartist. Autochartist measures the quality of this Down Channel at the 6-bar level – which reflects the sharp Initial Trend (10 bars), lower Uniformity (4 bars) and above-average Clarity (6 bars). GBP/NZD is expected to rise further inside this Down Channel – in line with the earlier upward reversal form the major support area highlighted below.

As can be seen from the weekly GBP/NZD chart below, the bottom of this Down Channel formed when the pair reversed up from the powerful support area lying between the long-term support level 1.8650 (low of the weekly Hammer from January) and the lower weekly Bollinger Band. The proximity of this support area and the oversold reading on the weekly Stochastic indicator increase the probability GBP/NZD will continue to rise inside this Down Channel.

To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.


For further information on this and other Autochartist products visit


You may also like

Leave A Comment

Please enter your name. Please enter an valid email address. Please enter message.