FxWirePro:GBP/NZD heads deeper into bear territory, eyes 300-DMA support

• GBP/NZD declined sharply on Wednesday as anxiety of Brexit  and speculation about negative rates in UK attracted sellers.

• Today's drop cleared, 23.6% fib level  and  200-DMA at 2.0018.

• The is pair heading towards the 1.9719 ( 300 DMA). Only a break and daily close above 23.6% fib at 2.0150 will shift bias to the upside.

• Technical signals are bearish as RSI is at 35, daily momentum studies  5, 9 and 10 DMAs are trending south.

• Immediate resistance is located at 2.0018( 200 DMA), any close above will push the pair towards 2.0150 (23.6% fib).

• Immediate support is seen at 1.9900 (Psychological level) and break below could take the pair towards 1.9719 ( 300 DMA).

Recommendation: Good to sell below 1.9950, with stop loss of 2.0140 and target price of 1.9800.