GBPNZD Update: Broken channel still holds

Since my last update, the pair has generally moved in a range.
This may imply that the Cable is not strong enough to break above the trend line or the NZD isn't strong following the bullish momentum it has had in the past few weeks.
The CFTC COT Weekly reports show that the NZD net long positioning has been steadily rising since October while net short positions for GBP remain high at - 7.8k.

NZD CFTC COT Net positioning

GBP CFTC COT Net positioning

With Brexit weighing heavily on the Pound, the pair could lose a further 300+ pips in the coming weeks.