FxWirePro: GBP/NZD beginning to trend lower but hurdle ahead

• GBP/NZD  eased  from 2.0040  level on Wednesday  as sterling was undermined against kiwi dollar by   unnoteworthy monthly UK jobs data released on Tuesday.

• The pair pulled back after failing to break  resistance at 2.0039 (14DMA), it was last trading at 1.9963.

• Technical signals are bearish as RSI at 47, daily momentum studies  5, 11 and 14 DMA’s are trending down. 

• Immediate resistance is located at 2.0039 (14DMA), any close above will push the pair towards 2.0090 (38.2% fib).

• Immediate support is seen at 1.9891(50% fib) and break below could take the pair towards 1.9795 (Lower BB).

 Recommendation: Good to sell  around 1.9980, with stop loss of 2.0100 and target price of 1.9900