By: Dima Chernovolov
GBP/NZD continues to rise inside the clear Up Channel chart pattern which was previously identified by Autochartist on the 30-minute charts. Autochartist rates the quality of this Up Channel at the 4-bar level – which is the result of the slow Initial Trend (one bar), below-average Uniformity (4 bars) and significant Clarity (7 bars). GBP/NZD is expected to rise further inside this Up Channel chart in line with the earlier upward reversal from the support zone shown below.
As can be seen from the daily GBP/NZD chart below, the price earlier reversed up from the support zone lying between the key support level 1.9200 (former resistance from February), 100-day moving average, lower daily Bollinger Band and 38.2% Fibonacci correction of the upward impulse from January. The proximity of this support area increases the probability GBP/NZD will continue to rise inside this Up Channel.
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