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

• GBP/NZD  dipped  on Wednesday  as   bears retained control following   UK and New Zealand macroeconomic releases.

• British consumer price inflation decelerated to a two-and-a-half-year low of 3.2% in annual terms in March, slightly less than anticipated, compared to a 3.4% rise in February.

• New Zealand's  CPI  increased to 0.6%, with the annual inflation rate continuing to decline, as per the latest figures from Stats NZ. The CPI rose by 4.0% year-on-year in the first quarter of 2024. 

• GBP/NZD  drops swiftly from 2.1203  . Break lower at 38.2% fib  risks run towards 2.0900 level.  

• Immediate resistance is located at 2.1185 (23.6% fib), any close above will push the pair towards 2.1250 (Sep 8th high).

• Strong support is seen at 2.1040 (38.2% fib)and break below could take the pair towards 2.1020 (EMA 14).

Recommendation: Good to sell  around 2.1070, with stop loss of 2.1100 and target price of 2.0950