• GBP/NZD declined on Wednesday as GBP slid further after UK inflation came in below forecasts.
•Britain's high rate of inflation fell by more than expected in June and was its slowest in over a year at 7.9%
•The pair reaches 2.0630 after extending south from 2.0832 (Daily high). 2.0630 is the lowest level since 12th July.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 49 bearish, daily momentum studies 5, 10 and 21 DMAs are trending down.
• Immediate resistance is located at 2.0783 (23.6% fib),any close above will push the pair towards 2.0889 (Higher BB).
• Immediate support is seen at 2.0631(38.2% fib) and break below could take the pair towards 2.0497(50% fib)
Recommendation: Good to sell below 2.0680, with stop loss of 2.0760 and target price of 2.0600
