GBP/NZD may fall 69 - 101 pips

Our pivot point stands at 2.1835.

Our preference

The downside prevails as long as 2.1835 is resistance.

Alternative scenario

Above 2.1835, look for 2.1888 and 2.1919.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 2.1839 and 2.1833). Finally, the GBP/NZD has penetrated its lower Bollinger band (2.1792).

Supports and resistances

2.1919 **

2.1888 *

2.1835 **

2.1815

2.1789 last

2.1720

2.1688 **

2.1657 *

2.1626 **

Number of asterisks represents the strength of support and resistance levels.