By: Dima Chernovolov
GBP/NZD continues to rise inside the clear daily Up Channel chart pattern which was previously 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 high Clarity (9 bars). GBP/NZD is expected to rise further inside this Up Channel – in line with the earlier breakout of the strong resistance level shown below.
As can be seen from the daily GBP/NZD chart below, the active daily impulse wave previously broke through the key resistance level 1.9380 (which reversed the pair with the daily Shooting Star in October). This price level is acting as support after it was broken. The proximity of this support level increase the probability GBP/NZD will continue to rise inside this Up Channel.
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