• GBP/ NZD trickled lower on Wednesday as concerns on 2nd virus wave and rising geopolitical tensions added to negative mood.
• GBP/ NZD remains vulnerable, only a close back above 1.9614 ( 50% fib), could upset the bearish order.
• Technical signals are bearish as RSI is at 33, 21, 30 DMAs are trending down.
• Immediate resistance is located at 1.9491( 11 DMA), any close above will push the pair towards 1.9614 ( 50% fib).
• Immediate support is seen at 1.9348 (23.6% fib) and break below could take the pair towards 1.9300 (Psychological level).
Recommendation: Good sell around 1.9400 with stop loss of 1.9610 and target price of 1.9200
