On weekly chart of GBP/NZD we observe a bullish period where most recent week candles were bullish. This period lasts from November last year. At this time, structure of lows and highs indicates an upward trend. However, in recent months, there have been declines that slow down along the trend line. On W1 was set another pattern of bullish engulfing which quite often led in the past to end of declines. It seems that we are facing a chance of initiating a bigger rebound.
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H4 interval indicates a consolidation within narrow triangular formation. Price is maintained above support given by previous highs. It seems that strong bullish formation on weekly chart and a lack of strong supply response for a long time should mean more chances for a bullish scenario, such as a breakout from the triangle followed by growth.
