FxWirePro: GBP/NZD rallies above 1.9500 but reversal is likely

• GBP/NZD   recovered ground on Tuesday as recovery rally from 1.9362 was aided by some profit-taking.

• The pullback from the low has passed through the 23.6% fibonacci retrace level at 1.9495 and now eyes 9 DMA at 1.9640.

• Bulls will need a clear 1.9782 ( 38.2% fib) to take greater control, failure to break higher will spur fresh downward momentum.

• Technical signals are mixed as RSI has turned higher sharply higher, moving averages are trending down. 

• Immediate resistance is located at 1.9640 ( 9 DMA), any close above will push the pair towards 1.9782 ( 38.2% fib).

• Immediate support is seen at 1.9498 (23.6%fib) and break below could take the pair towards 1.9287(Lower BB).

 Recommendation: Good to sell around 1.9600, with stop loss of 1.9785 and target price of 1.9400.