• GBP/NZD fell sharply on Wednesday as sterling was weighed on below-forecast UK Jan CPI print.
•Official data showed that British inflation remained unchanged at 4.0% in January, defying predictions of an increase.
• At GMT 14:30, the pair was trading down 0.28 percent at 1.9078 after reaching daily low at 1.9125.
• Bearish are on course to force a daily close under 38.2%fib support,that would open the pathway to much bigger losses.
• Technicals are favouring bearish sentiment as RSI is at 38 and the pair is trading below 11 & 21-DMAs.
• Immediate resistance is located at 2.0763 (38.2%fib), any close above will push the pair towards 2.0815 (Daily high)
• Immediate support is seen at 2.0633 (38.2%fib ) and break below could take the pair towards 2.0547 (Lower BB).
Recommendation: Good to sell around 2.0640, with stop loss of 2.0800 and target price of 2.0560.