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FxWirePro :GBP/NZD heads deeper into bear territory, plunge to test a key fibo grows

• GBP/NZD declined on Wednesday as  increased risk appetite , equity & commodity gains helped kiwi dollar  across the board .

•The pair reaches 2.0692 after extending south from 2.0844 (early Asia high). 2.0692 is the lowest level since 12th March .

• Technical signals show the pair could lose more ground in the short-term as RSI is at 39 bearish, daily momentum studies 5, 10 and 21 DMAs are trending  down.

• Immediate resistance is located at 2.0781 (38.2 % fib),any close above will push the pair towards 2.0870 (50 % fib ).

• Immediate support is seen at 2.0685 (23.6% fib) and break below could take the pair towards 2.0645 (Lower BB )

Recommendation: Good to sell below 2.0730, with stop loss of 2.0800 and target price of 2.0630

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