GBPNZD is back at the upper end of the month long channel.

We are not sure if the upper end of the 1.9000-1.9550 channel will be broken, but it is a risk this time around as the GBP is starting to look constructive against other pairs as well. A move above the resistance could send the pair quickly to the 1.9900 level to challenge the up channel longer term resistance which would be the 161% extension of the range.

GBPNZD Rectangle

Blake Morrow