• GBP/NZD recovered some ground on Thursday and is back above 2.0000 Psychological level.
•The pair hit daily high at 2.0031 and was last trading at 2.0004 at (GMT 16:31).
• The pair is expected to resume its downtrend, only a break and daily close above 23.6% fib at 2.0117 will shift bias to the upside.
• Technically 11 day and 21-day momentum remains negative and RSI is down at 40.
• Immediate resistance is located at 2.0024 ( 200 DMA), any close above will push the pair towards 2.0117 ( 50% fib).
• Immediate support is seen at 1.9889 (Daily low) and break below could take the pair towards 1.9851 (Lower BB).
Recommendation: Good to sell below 2.0050, with stop loss of 2.0120 and target price of 1.9850
