FxWirePro :GBP/NZD extends drop, faces 23.6%fib support

• GBP/NZD declined sharply  on Friday as weak  UK services PMI   and retail data depressed the pair  towards 2.0522.  .

• At GMT 21:30, the pair was trading down 0.99 percent  at 2.0523 after reaching daily low at 2.0492

• GBP/NZD  drops swiftly from 2.0755 and is approaching  2.0475  (23.6%fib)support level. Break lower risks run towards 2.0350 level.

• Technicals are favouring bearish sentiment as RSI is at 27 and the pair is trading below   5,10 & 11-DMAs.

• Immediate resistance is located at 2.0621(38.2%fib), any close above will push the pair towards 2.0706 (50%fib).

• Immediate support is seen at 2.0475  (23.6%fib), break below could take the pair towards 2.0360  (June 14th low).

Recommendation: Good to sell around 2.0530  with stop loss of 2.0650   and target price of 2.0450