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• GBP/NZD dipped on Tuesday, as EU-UK trade concerns weighed on British pound.
• Underlying trend remains bearish and the pair could struggle to hold gains in the coming sessions
• At GMT 18:14, the pair was trading 0.08% lower at 2. 0352.
• Technical signals show the pair could lose more ground in the short-term as RSI is turning lower at 53.93 , daily momentum studies 5, 10 and 21 DMAs have started to trend south.
• On the upside, Immediate resistance is located at 2.0425 ( 9DMA), any close above will push the pair towards 2.0500 (Psychological level).
• On the downside, strong support is seen at 2.0271 (Trendline) and break below could take the pair towards 2.0211 (30 DMA).
Recommendation: Good to sell on rallies around 2.0400, with stop loss of 2.0550 and target price of 2.0300.
