GBPNZD - Grinding down

GBPNZD (1H) - short term bearish bias

Sentiment has become increasingly downbeat after the pair dropped below the major support level of 1.9840. Both 20 and 30-hour moving averages act as strong resistance along with the bearish trend line and are likely to contain any rebound. The RSI indicator has recovered from the over-sold area, this would give trend-followers more opportunities to sell into strength. We would expect the price to continue on its way down towards 1.9630.

Key support: 1.9630
Key resistance: 1.9850