• GBP/NZD dipped on Thursday as sterling attracted seller after downbeat UK economic data.
• The pairs intraday lift has eroded and has cleared trendline support at 2.0567 .
• Underlying trend for the pair remains bearish for pair. A close below lower bollinger bands would further increase bearish movementum.
• Technical signals are bearish as RSI is at 48, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 2.0567 (Trendline), any close above will push the pair towards 2.0666 (9 DMA).
• Immediate g support is seen at 2.0467 (55 DMA) and break below could take the pair towards 2.0393 (lower BB).
Recommendation: Good to sell around 1.7940, with stop loss of 1.8490 and target price of 1.7500.
