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FxWirePro: GBP/NZD bull lose traction, cannot add to earlier gains

• GBP/NZD dipped on Tuesday as  caution set in ahead of Fed  policy meeting on Wednesday where the Federal Reserve is expected to cut interest rates.

• Traders are still betting on a 63% probability that the Fed will cut rates by 50 basis points on Wednesday and a 37% probability of a 25 basis point cut, according to CME Group's FedWatch tool.

• GBP/NZD drifted back into negative territory. 2.1264 is low so far is  and it is hovering just above 50%fib  support.

• Technical signals  favours  bearish sentiment, RSI is at 49 and pair trades below 5,9  & 11-DMAs.

• Resistance is located at 2.1386 ( 38.2%fib) and at 2.1435 (Higher BB).

• Support is found at 2.1213 (50%fib) and at 2.1021 (61.8%fib).

Recommendation: Good to sell   around 2.1280, with stop loss of 2.1350 and target price of 2.1200
 

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