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FxWirePro:GBP/NZD gains some upside momentum but still bearish

• GBP/NZD initially gained  on Monday  as but early rally   fizzled as investors focus tuned to UK GDP data.

• Underlying trend for the pair remains bearish. A break below 23.6%fib  support might spur increased downward momentum.

• Technical signals show bearish momentum , the 5 DMA and 9 DMAs trend south, while RSI is heading south at 48..

• Immediate resistance is located at 2.0731 ( 5 EMA), any close above will push the pair towards 2.0779 (11DMA).

• Strong support is seen at 2.0567 (23.6%fib) and break below could take the pair towards 2.0506 (Oct 17th  low).

Recommendation: Good to sell on rallies around 2.0720, with stop loss of 2.0850 and target price of 2.0640.

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