GBP/NZD breaks support and slips below 1H 50-SMA, targets 2.0940

FX:GBPNZD   British Pound / New Zealand Dollar
150 1 3
GBP/NZD rejected at day's highs by 2.1102, and is currently trading at 2.1016 levels.

The pair has broken major trend line support at 2.1047 on the hourly charts and has slipped below the 1H 50-SMA.

Technicals on hourlies support downside, test of 2.0960 levels likely.

Immediate resistance is seen at 2.1032 (1H 50-SMA), while support is located at 2.0980 (5-DMA).

UK services PMI due later in the EU session is a major risk event. The services PMI index improved in March to 53.7 points. Estimate for April stands at 53.6 points.

Any disappointment could weigh heavily on the pair. On the flipside upbeat data could see spike to 2.12 levels.

Good to sell rallies around 2.1030/40, SL: 2.1070, TP: 2.0980/2.0960/2.0940
stop out
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