• GBP/NZD dipped on Tuesday as weaker sterling and higher commodity prices boosted commodity-linked New Zealand dollar.
• GBP/NZD drifted back into negative territory on Tuesday . 1.9605 is low so far is and it is hovering just above 38.2%fib into the US afternoon.
• A daily close below 38.2%fib will accelerate downtrend towards 1.9500 (Psychological level).
• Technical signals favours bearish sentiment, RSI is has turned sharply lower and pair trades below 5,9 & 11-DMAs.
• Resistance is located at 1.9754 ( Daily high) and at 1.9828 (23.6%fib).
• Support is found at 1.9580( 38.2%fib) and at 1.9510 (21DMA).
Recommendation: Good to sell around 1.9600, with stop loss of 1.9700 and target price of 1.9520
