• GBP/NZD declined sharply on Tuesday as the pair continued to attract selling pressure due to global risk aversion.
• Weaker U.S. data in the last week stoked recession fears in the world's biggest economy, pushing investors to safe-haven assets amid a sell-off that battered markets globally.
• At (GMT 15:21) pair dipped to trade at 2.1360 down 0.71% after pulling back from daily high.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 49.
• Immediate resistance is located at 2.1533(38.2% fib), any close above will push the pair towards 2.1749 (23.6% fib).
• Immediate support is seen at 2.1341 (50% fib) and break below could take the pair towards 2.1168(61.8% fib).
Recommendation: Good to sell around 2.1400 with stop loss of 2.1500 and target price of 2.1320
