• GBP/NZD dropped towards 2.1200 level after Federal Reserve Chair Jerome Powell indicated potential interest rate cuts.
• Powell's speech at Jackson Hole is seen as paving the way for a September rate cut, though the size and timing of the cut will depend on forthcoming data.
•A decline to 2.1100 could occur if GBP/NZD bears break through the support at the 23.6% fibonacci level.
• Immediate resistance is located at 2.1336(38.2%fib), any close above will push the pair towards 2.1464 (50%fib).
• Immediate support is seen at 2.1178 (23.6%fib) and break below could take the pair towards 2.1103(Aug 7thlow).
Recommendation: Good to sell around 2.1220, with stop loss of 2.1300 and target price of 2.1100
