The Pound Sterling has increased its trading range significantly against the New Zealand Dollar. This movement has been constrained in a junior ascending channel pattern.
The currency pair reached a nine-month high mark of 2.00 during Thursday’s trading session. This appreciation has pushed technical indicators in the overbought zone. Bearish sentiment could drive the rate lower towards the 50-hour SMA during the following trading sessions.
By and large, it is likely that the GBP/NZD continue its upward momentum in the short-term. The likely target for bull’s traders could be a resistance cluster at 2.03