GBP/NZD may fall 70 - 101 pips

2.0723 is our pivot point.

Our preference

The downside prevails as long as 2.0723 is resistance.

Alternative scenario

The upside breakout of 2.0723, would call for 2.0776 and 2.0807.

Comment

The RSI is below 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 2.0736 and 2.0732).

Supports and resistances

2.0807 **

2.0776 *

2.0723 **

2.0702

2.0677 last

2.0607

2.0576 **

2.0544 *

2.0513 **

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