FxWirePro: GBP/NZD set to for bigger drop, but close below key fibo needed

• GBP/NZD edge d lower   on Monday as President Donald Trump threatened to impose tariffs on steel and aluminum imports.

• Trump is expected to announce 25% tariffs on all steel and aluminum imports later on Monday.

• Canada is the largest source of U.S. steel imports and the top supplier of primary aluminum, providing 79% of total aluminum imports in the first 11 months of 2024.  

• Trump is also expected to announce reciprocal tariffs on Tuesday or Wednesday, effective almost immediately, applying them to all countries and matching the tariffs imposed by each.

• Technical are bearish, daily RSI is negative at 46, daily momentum studies  9 and 10 DMAs are trending down. 

• Immediate resistance is located at 2.272(38.2%fib ), any close above will push the pair  2.2180(23.6%fib).

•    Strong support is seen at 2.1857(50%fib) and break below could take the pair towards 2.1662 
(61.8%fib)

Recommendation: Good to sell  around 2.2053 with stop loss of 2.2200 and target price of 2.1850