• GBP/NZD declined on Tuesday as higher commodities prices and improved risk appetite boosted kiwi dollar.
• The is pair heading towards the 50%fib, as near term direction of the pair is likely to be driven by current price action.
• Technical signals are bearish as RSI is heading down , daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 2.1194 (38.2%fib ), any close above will push the pair towards 2.1249(5DMA).
• Strong support is seen at 2.1074 (50%fib) and break below could take the pair towards 2.1035 (Aug 11th low).
Recommendation: Good to sell on around 2.1180, with stop loss of 2.1280 and target price of 2.1100
