GBP/NZD may fall 65 - 93 pips

Our pivot point is at 2.1801.

Our preference

The downside prevails as long as 2.1801 is resistance.

Alternative scenario

The upside breakout of 2.1801, would call for 2.1848 and 2.1877.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 2.1795 and 2.1841).

Supports and resistances

2.1877 **

2.1848 *

2.1801 **

2.1782

2.1754 last

2.1689

2.1661 **

2.1632 *

2.1604 **

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