• GBP/ NZD initially gained on Friday but gave up some ground as trading volumes remained thin amid holiday trade.
• The is pair approaching the 38.2%fib support, as near term direction of the pair is likely to be driven by current price action.
• Technical signals are bearish as RSI is heading down at 49 , daily momentum studies 14, 21 and 30 DMAs are trending down.
• Immediate resistance is located at 2.3251(Higher BB), any close above will push the pair towards 2.3307 (Dec19th high).
• Strong support is seen at 2.3112(38.2%fib) and break below could take the pair towards 2.2979 (Lower BB).
Recommendation: Good to sell on around 2.3200, with stop loss of 2.3300 and target price of 2.3120
