FxWirePro: GBP/NZD set for a slump, shorts hold the advantage

• GBP/NZD   edged higher  on Thursday but gains were limed as  investors traders awaited fresh catalyst for further movement.

• The pair is currently struggling to recover and has dropped to its lowest level since early July.

• Technical signals   are bearish as RSI is  lower at 43, moving averages are trending down. 

• Immediate resistance is located at 2.1255(38.2%fib), any close above will push the pair towards 2.1343( Daily high).

• Immediate support is seen at 2.1106(50%fib) and break below could take the pair towards 2.0977 (Lower BB).

 Recommendation: Good to sell around 2.1200, with stop loss of 2.1300and target price of 2.1120