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 5-bar level – which is the result of the slow Initial Trend (2 bars), average Uniformity (5 bars) 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 support area shown below.

As can be seen from the daily GBP/NZD chart below, the price earlier reversed up from the support lying between the strong support level 1.9000 (which has been reversing the price from January), lower daily Bollinger Band and the 50% Fibonacci correction of the previous 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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