FxWirePro :GBP/NZD downtrend extends ,eyes support 23.6%fib

• GBP/NZD declined sharply on Wednesday   as  investors reacted to soft UK economic growth and weaker US inflation data.

• Data showed UK economic growth stagnated at the start of the second quarter.Britain's economic growth was flat month-over-month in April, the Office for National Statistics said.

•Labor Department report showed the US Consumer Price Index was unchanged on a monthly basis in May, when it was expected to rise 0.1%.

• The pair is approaching to test  23.6%fib support. A break under  would unmask   2.0600  level in the short term.

• Immediate resistance is located at 2.0773 (38.2%fib), any close above will push the pair towards 2.0879(50%fib).

• Immediate support is seen at2.0641 (23.6%fib ), break below could take the pair towards 2.0585 (Lower BB).

Recommendation: Good to sell around 2.0670 with stop loss of 2.0770  and target price of 2.0600