GBP/NZD may fall 85 - 125 pips

Our pivot point stands at 2.1434.

Our preference

The downside prevails as long as 2.1434 is resistance.

Alternative scenario

The upside breakout of 2.1434, would call for 2.1500 and 2.1540.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 2.1401 and 2.1425).

Supports and resistances

2.1540 **

2.1500 *

2.1434 **

2.1407

2.1378 last

2.1293

2.1253 **

2.1214 *

2.1174 **

Number of asterisks represents the strength of support and resistance levels.