GBP/NZD may fall 73 - 102 pips

Our pivot point stands at 2.0734.

Our preference

The downside prevails as long as 2.0734 is resistance.

Alternative scenario

Above 2.0734, look for 2.0784 and 2.0814.

Comment

The RSI is below its neutrality area at 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 2.0723 and 2.0731). Finally, the GBP/NZD has penetrated its lower Bollinger band (2.0695).

Supports and resistances

2.0814 **

2.0784 *

2.0734 **

2.0714

2.0693 last

2.0620

2.0591 **

2.0561 *

2.0531 **

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