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FxWirePro : GBP/NZD downtrend extends ,eyes 38.2%fib support

• GBP/NZD declined on Monday as kiwi dollar was buoyed by the robust performance of the  performance of services index .

• According to the latest survey from Business NZ released on Monday, the services sector in New Zealand rebounded into expansion territory in January, registering a Performance of Services Index score of 52.1.

• A close below   support at 38.2%fib will give further momentum to bears, opening the way for a run towards 2.0450  level.

• Technical signals show the pair could lose more ground as RSI is at 43, and 9, 11,21 DMA’s are trending south.

• Immediate resistance is located at 2.0573(Daily high), any close above will push the pair towards 2.0633 (23.6%fib).

• Immediate support is seen at 2.0465 (38.2%fib), break below could take the pair towards 2.0411 (Jan 15th low).

Recommendation: Good to sell around 2.0490  with stop loss of 2.0650  and target price of 2.0400

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