FxWirePro :GBP/NZD drifts lower ,could be on verge of a bigger drop

• GBP/NZD declined on Thursday   as reduced BoE hike outlook weighed heavily on sterling.

•Sings that the UK labour market is cooling is likely to puts pressure on the BoE to pause its rate-hiking cycle.

• Bears have tightened their grip on this pair,a break and  daily close under 50% fib support could deepen losses

• Technical signals show the pair could lose more ground in the short-term as RSI is at 41 bearish, daily momentum studies 5, 10 and 21 DMAs are trending  down.

• Immediate resistance is located at 2.1047 (38.2 % fib),any close above will push the pair towards 2.1073 (5DMA ).

• Immediate support is seen at 2.0929 (50% fib) and break below could take the pair towards 2.0812 (61.8% fib)

Recommendation: Good to sell below 2.1000, with stop loss of 2.1100 and target price of 2.0900 1050