GBP/NZD is heading towards the resistance line of a Channel Down and could reach this point within the next 3 days. It has tested this line numerous times in the past, and this time could be no different from the past, ending in a rebound instead of a breakout. If the breakout doesn’t happen, we could see a retracement back down to current levels. Supported by RSI below 40
Chart 4 hour
Pattern Channel Down
Length 61 Candles
Identified 15-Aug-2022 08:00 UTC