The Pound Sterling has been guided by a three-month descending channel against the New Zealand Dollar.
The combination of the 55-, 100-, and 200-hour SMAs was restricting the currency pair from making any upward movement. At the time of the analysis, the GBP/NZD pair had breached the monthly S1 at 1.8976.
As for near future, the exchange rate is likely to continue its bearish movement until it finds the next support set by the weekly S1 at 1.8846. In addition, technical indicators confirmed that bears could grow stronger during the following trading sessions.
