Patterns: GBP/NZD, GBP/CHF
|GBP/NZD 4H Chart: Two scenarios likely
Since the middle of October, the GBP/NZD exchange rate has been trading downwards within a falling wedge pattern.
From a theoretical point of view, it is likely that the currency pair could breach the predetermined pattern north in the nearest future. The pair could target the psychological level at 1.9800.
In the meantime, note that the exchange rate could is pressured by the 55-, 100– and 200-period SMAs in the 1.9170/1.9400 range. Thus, some downside potential could continue to prevail in the market.
GBP/CHF 4H Chart: Rising triangle pattern in sight
Since the beginning of September, the GBP/USD currency pair has been trading within a rising triangle pattern.
From a theoretical point of view, it is likely that the exchange rate could continue to trade within the predetermined pattern in the nearest future. If the upper pattern line at 1.2200 holds, a breakout south could follow.
Meanwhile, note that the currency pair is supported by the 55-, 100– and 200-period SMAs in the 1.1940/1.2100 range. Thus, a breakout north could occur, and the pair could target the Fibo 50.00% at 1.2501.
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