• GBP/NZD recovered some ground on Wednesday as risk-sensitive pound was supported by global equity gains.
•The pair is holding near today's high, but repeated failures to push above 2.0232 resistance is discouraging longs.
• The underlying trend for the pair remains bearish. A potential break below 23.6%fib support could intensify downward momentum.
• Technical signals are strongly bearish as RSI is lower at 35, moving averages are trending down.
• Immediate resistance is located at 2.0232(38.2% fib), any close above will push the pair towards 2.0342( 50% fib).
• Immediate support is seen at 2.0094(23.6%fib) and break below could take the pair towards 2.0000( Psychological level).
Recommendation: Good to sell around 2.0200, with stop loss of 2.0280 and target price of 2.0120
