• GBP/NZD declined on Tuesday as investors awaited the Jackson Hole Symposium this week.
• UK Aug flash PMIs on Wednesday is seen soft may diminish BoE rate expectations but Powell comments on Friday more meaningful.
• GBP/NZD drops below the 5-DMA, slide halts at the 2.1399 (38.2%fib),charts points drop towards 2.1250.
• From a technical viewpoint, RSI is turning lower ,moving averages 5,9 DMA’s are trending down.
• Immediate resistance is located at 2.1537(Daily high), any close above will push the pair towards 2.1609(23.6%fib).
• Strong support is seen at 2.1399 (38.2%fib) and break below could take the pair towards 2.1357 (5DMA).
Recommendation: Good to sell below 2.1450, with stop loss of 2.1550 and target price of 2.1300
