• GBP/NZD traded in quiet range on Thursday as the pair’s downtrend stalled as key support neared
• Pair traded in 2.0400 /2.0513 range and was last trading at 2.0463 in late US session.
• A close below support at 2.0400 (23.6 % fib)will give further momentum to bears, opening the way for a run towards 2.0300 level.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 32 bearish, daily momentum studies 5, 10 and 21 DMAs are trending down.
• Immediate resistance is located at 2.0466 (5DMA),any close above will push the pair towards 2.0605 (38.2%fib).
• Immediate support is seen at 2.0400 (23.6 % fib) and break below could take the pair towards 2.0336(Lower BB)
Recommendation: Good to sell below 2.0470, with stop loss of 2.0650 and target price of 2.0300
