FxWirePro: GBP/NZD downside pressure builds, key support level in focus

• GBP/NZD slipped  lower  as  better than expected New Zealand retail sales  data  boosted kiwi dollar dollar.

•Retail sales in New Zealand remained steady at 0%, surpassing market forecasts of a -0.8%.

• The pair hit daily low at 2.0633, it was last down 0.01% at 2.0718

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 46.

•  Immediate resistance is located at 2.0748 (9 DMA), any close above will push the pair towards 2.0835 (50% fib).

• Immediate support is seen at 2.0708 (38.2% fib) and break below could take the pair towards 2.0545(23.6% fib).

Recommendation: Good to sell around 2.0720 with stop loss of 2.0800 and target price of 2.0650