FxWirePro: GBP/NZD neutral in the near-term, scope for downward resumption

• GBP/NZD  recovered most  ground from initial decline on Tuesday as  investors focused on the outlook for Britain's reopening plans for July 19.

• GBP/NZD   recovers   above 1.9650 and holds near the day's high in US session. 

• Bulls will need a clear 1.9747( 61.8% fib) to take greater control, failure to break higher will spur fresh downward momentum.

• Technical signals bearish  as RSI has turned lower, moving averages are trending lower. 

• Immediate resistance is located at 1.9699 ( 100DMA), any close above will push the pair towards 1.9747( 61.8% fib).

• Immediate support is seen at 1.9664 (50%fib) and break below could take the pair towards 1.9575(38.2%fib).

 Recommendation: Good to sell around 1.9680, with stop loss of 1.9800 and target price of 1.8610