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FxWirePro :GBP/NZD downside pressure builds, key support level in focus

• GBP/NZD declined on Tuesday as increased  risk appetite supported New Zealand dollar against pound .

• The Reserve Bank of New Zealand (RBNZ) holds its next policy meeting on July 12 and is widely expected to hold rates at 5.5%.

• Technical signals show the pair could lose more ground in the short-term as RSI is at 46 bearish, daily momentum studies 5, 10 and 21 DMAs are trending  down.

• Immediate resistance is located at 2.0593 (21DMA),any close above will push the pair towards 2.0667  (23.6 % fib ).

• Immediate support is seen at 2.0433(50% fib) and break below could take the pair towards  2.0383 (Lower BB )

Recommendation: Good to sell below 2.0530, with stop loss of 2.0650 and target price of 2.0470

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