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FxWirePro :GBP/NZD downtrend loses steam but outlook still bearish

• 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

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