FxWirePro: GBP/NZD finds strong support at 100-DMA. good to go short on break below

• GBP/NZD has broken major trendline support at 1.9325, extends grind lower.
   
• Sterling ignores today’s flash UK GDP data, showing the economy is expected to expand at an annualized 1.2% in Q1 and 0.1% inter-quarter, matching initial estimates.
   
• The pair holds support at 100-DMA at 1.9252, break below will see further weakness.
   
• Momentum studies are bearish. We see -ve DMI dominance which adds to the bearish bias.
   
• The major has failed to break past 200-W SMA which is major resistance at 0.9796.
   
• On the downside, break below 100-DMA could see test of 200-DMA at 1.9016. Violation there to see further weakness.

Support levels - 1.9252 (100-DMA), 0.9172 (April 12 low), 0.9080 (Nov 28 low), 1.9016 (200-DMA)

Resistance levels - 1.9315 (5-DMA), 1.9413 (21-EMA), 1.95

Recommendation: Watchout for break below 100-DMA to go short, target 1.9175/ 1.91/ 1.9080/ 1.9020.

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