By: Dima Chernovolov
GBP/NZD continues to rise inside the clear daily Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 7-bar level – which is the result of the medium Initial Trend (4 bars), strong Uniformity (8 bars) and near-maximum Clarity (9 bars). GBP/NZD is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the support area shown below.
As can be seen from the daily GBP/NZD chart below, the price earlier reversed up with the daily Bullish Engulfing from the support area lying between the major support level 1.8870 (former resistance level from May), 30-day moving average and the 50% Fibonacci correction of the previous upward impulse from October. The proximity of this support area adds to the probability GBP/NZD will continue to rise inside this Up Channel.
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