FxWirePro: GBP/NZD neutral in the near-term, scope for downward resumption

• GBP/NZD   recovered some ground  on Tuesday but gains were limed as  investors focused on upcoming RBNZ Interest rate decision.

•  Economists  polled forecast the Reserve Bank of New Zealand would leave its official cash rate (OCR)   at 5.50% on Oct. 4.

• GBP/NZD remains well below 14DMA ,daily  close below increase the scope for much bigger drop.

• Technical signals   are bearish as RSI is  lower at 32, moving averages are trending down.

• Immediate resistance is located at 2.0456(50%fib), any close above will push the pair towards 2.0597( 14DMA).

• Immediate support is seen at 2.0329 (38.2%fib) and break below could take the pair towards 2.0277 (28th Sep).

 Recommendation: Good to sell around 2.0480, with stop loss of 2.0580 and target price of 2.0400.