• GBP/NZD rebounded on Wednesday, after finding support at 2.0271 (Trendline).
• Underlying trend remains bearish. A break below 2.0271 (Trendline) might spur fresh downward momentum.
• At GMT 16:54, the pair was trading 0.18% higher at 2. 0450, highest since March 2nd.
• Technically 5 day and 14-day momentum remains negative and RSI beginning to head down.
• On the upside, Immediate resistance is located at 2.0425 ( 9DMA), any close above will push the pair towards 2.0500 (Psychological level).
• On the downside, strong support is seen at 2.0271 (Trendline) and break below could take the pair towards 2.0211 (30 DMA).
Recommendation: Good to sell on rallies around 2.0500, with stop loss of 2.0650 and target price of 2.0350.
