GBP/NZD may fall 62 - 89 pips

Our pivot point stands at 2.0663.

Our preference

The downside prevails as long as 2.0663 is resistance.

Alternative scenario

The upside breakout of 2.0663, would call for 2.0708 and 2.0735.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 2.0650 and 2.0649).

Supports and resistances

2.0735 **

2.0708 *

2.0663 **

2.0645

2.0627 last

2.0565

2.0538 **

2.0511 *

2.0484 **

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