FxWirePro: GBP/NZD Breaks Major Trendline Support and slips Below 1h 50-SMA, Good to Sell Rallies
- 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.