GBP/NZD may fall 88 - 129 pips

2.1439 is our pivot point.

Our preference

The downside prevails as long as 2.1439 is resistance.

Alternative scenario

The upside breakout of 2.1439, would call for 2.1508 and 2.1549.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 2.1407 and 2.1414).

Supports and resistances

2.1549 **

2.1508 *

2.1439 **

2.1412

2.1382 last

2.1294

2.1253 **

2.1212 *

2.1170 **

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