GBP/NZD may fall 68 - 101 pips

Our pivot point is at 2.1260.

Our preference

Technical rebound towards 2.1260 before a new drop.

Alternative scenario

The upside breakout of 2.1260, would call for 2.1315 and 2.1348.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price stands above its 20 period moving average (2.1198) but below its 50 period moving average (2.1216).

Supports and resistances

2.1348 **

2.1315 *

2.1260 **

2.1238

2.1216 last

2.1148

2.1115 **

2.1083 *

2.1050 **

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