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

• GBP/NZD   fell deeper into negative territory on Monday  as  increased risk sentiment boosted kiwi dollar.

• The pound was 0.22% lower against the kiwi dollar at  2.0763 , The pair traded in range 2.0813/ 2.0747 on Monday.

• The technical outlook remains bearish and points to eventual bigger losses, Fourteen-day momentum is negative, reinforcing the scope for a bigger slump   

• Immediate resistance is located at 2.0808 (50%fib), any close above will push the pair towards 2.0915(61.8%fib).

• Immediate support is seen at 2.0705(38.2%fib) and break below could take the pair towards 2.0616(May 20th low).

 Recommendation: Good to sell around 2.0770, with stop loss of 2.0860  and target price of 2.0700

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