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FxWirePro:GBP/NZD neutral in the near-term, scope for downward resumption

• GBP/NZD   recovered some ground from initial decline on Tuesday as  investors focused on the outlook for reopening the UK economy from its lockdown.

• GBP/NZD   recovers towards  above 1.9650 and holds near the day's high in US session.

• Bulls will need a clear 1.9831 ( 23.6% fib)to take greater control, failure to break higher will spur fresh downward momentum.

• Technical signals are mixed as RSI has turned lower, moving averages are mixed.

• Immediate resistance is located at 1.9705 ( Daily high), any close above will push the pair towards 1.9831 ( 23.6% fib).

• Immediate support is seen at 1.9622 (38.2%fib) and break below could take the pair towards 1.9564(5DMA).

 Recommendation: Good to sell around 1.9660, with stop loss of 1.9800 and target price of 1.8590.

 

 

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