On the 3h chart of GBPNZD we are looking at a part of a higher degree three wave rise taking place, with price currently trading in final stages of a triangle correction in wave (e) of b-circled. If we are on the right track, then some gains may follow in sessions ahead. A breach above the waves (d) and (b) trend line would be a confirmation for a completed triangle correction and more upside to follow.
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.