FxWirePro: GBP/NZD under pressure after early buying dries up

• GBP/NZD  initially gained but early rally fizzled  on Monday  as investors dumped risker currencies as US recession fears heightened after Friday's soft payroll data

• Fears of the United States tipping into recession following weak economic data last week rippled through global markets.

• GBP/NZD  fell to  2.1518 close to the 38.2% fib. A break under 38.2% fib would unmask 2.1250780 level in the short term.

• Strong resistance is located at 2.1576 (38.2% fib), any close above will push the pair towards 2.1780 (23.6% fib)

• Immediate support is   at 2.1380 (50% fib)   and break below could take the pair towards 2.1208 (61.8% fib).

Recommendation: Good to sell around 2.1530, with stop loss of 2.1650 and target price of 2.1350