GBP/NZD keeps moving down producing lower lows and lower highs. The price remains under the 200 Moving average that confirms the bearish trend.
The Fibonacci channel shows that currently, the price is stuck between support S1 (2.0960) and resistance R1 (2.1440). During the past several days, the price was rejecting the 200 Moving Average several times and currently, it could be ready to start moving lower once again.
Consider selling GBP/NZD when the price is near R1, targeting the S1 support level with potential of moving much lower. The stop loss should be slightly above the most recent high of 2.1500.
Support: 2.0960
Resistance: 2.1440
