• GBP/NZD declined on Wednesday as risk appetite increased as BOE steps in to calm markets.
• The pair hit daily high at 1.9258, it was last down 0.18% at 1.8945.
•The pair is approaching 38.2% fib % retracement at 1.8000, a daily close below will accelerate down side towards 1.8850 level.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 43.
• Immediate resistance is located at 1.9053 (21 DMA), any close above will push the pair towards 1.9114 ( 50 % fib).
• Immediate support is seen at 1.8943(38.2% fib ) and break below could take the pair towards 1.8799 (Lower BB).
Recommendation: Good to sell around 1.8950, with stop loss of 1.9050 and target price of 1.8870.
