• GBP/NZD edged slightly higher Wednesday but gains were limited as UK interim budget update kept bearish pressure on pound.
• UK Finance Minister Jeremy Hunt's autumn statement indicated persistent UK inflation and low growth.
• GBP/NZD remains vulnerable, only a break and daily close above 1.9644 (50% fib) will shift bias to the upside.
• Technical are bearish, daily RSI is negative at 48, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 2.0755 (9DMA ), any close above will push the pair towards 2.0791 (38.2% fib).
• Strong support is seen at 2.0633 (23.6%fib) and break below could take the pair towards 2.0599(Nov 3rd low)
Recommendation: Good to sell on around 2.0750, with stop loss of 2.0850 and target price of 2.0670
