The British Pound has been guided by several patterns against the New Zealand Dollar. On the larger time frame, the rate is bound by an ascending channel, while on the smaller time frame, it is trading inside a medium-scale triangle.
The currency exchange rate has breached a resistance cluster set by the monthly pivot point and the weekly R1 near 1.9151. Also, the GBP/NZD pair has moved closer to the upper boundary of the medium-scale triangle and could be set for a breakout during the following trading session.
Technical indicators suggest the rally could continue, however, from a theoretical point of view, the rate should retrace south for a re-test of the aforementioned resistance cluster within this trading session.
