• GBP/NZD declined on Thursday as relentless selling pushes EUR/NZD lower
• GBP/NZD drops below the 5-DMA and 50%fib , slide halts at the 2.0495 (61.8%fib),now eyes the lower bollinger bands at 2.0442.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 38.
• Immediate resistance is located at 2.0621 (50%fib), any close above will push the pair towards 2.0657 (5DMA).
• Strong support is seen at 2.0495 (61.8%fib) and break below could take the pair towards 2.0442 (Lower BB).
Recommendation: Good to sell below 2.0650, with stop loss of 2.0750 and target price of 2.0550
