Comparic
Long

GBPNZD - engulfing candle on W1 chart

FX_IDC:GBPNZD   British Pound / New Zealand Dollar
Weekly graph of GBP/NZD shows a bullish period where most of recent candles were bullish . This period lasts from November last year. Currently structure of lows and highs indicates an upward trend. However, in last few months, there have been declines that slow down along the trend line . On W1 was set another pattern of bullish engulfing bar which quite often indicated end of declines. It seems that we are facing a chance of initiating a bigger rebound.
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