Daily Forex Update: GBP/NZD

By: Dima Chernovolov

GBP/NZD continues to rise inside the 4-hour Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 4-bar level – which is the result of the slow Initial Trend (2 bars), low Uniformity (one bar) and strong Clarity (8 bars). GBP/NZD is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the major support zone shown below.

As can be seen from the GBP/NZD chart below, the price earlier reversed up from the combined support zone lying between the powerful support level 1.8970 (which has been steadily reversing the price from February) and the lower daily Bollinger Band. The proximity of this support area increases the probability GBP/NZD will continue to rise inside this Up Channel.

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