The British Pound has depreciated substantially against the New Zealand Dollar during the past month. This bearish sentiment has pressured the exchange rate down to a seven-week low level.
After piercing a support cluster formed by the combination of the weekly and the monthly PPs near the 1.9105 mark, bulls took control of the market, and as a result, the currency exchange rate broke out through the upper boundary of a descending channel pattern.
Given that the 55-, 100-, and 200-hour SMAs are located below the price, it is likely that this bullish momentum continues during the following trading sessions.
