• GBP/NZD declined Thursday as supportive global risk sentiment boosted demand for high-yielding commodity linked New Zealand dollar.
• GBP/NZD hits daily lows in US trading, breaking the 38.2% fibo , with support at 1.9199(38.2% fib)next.
• GBP/NZD remains bearish, only a close back above 61.8%fib at 1.9422 , could upset the bearish order.
• Immediate resistance is located at 1.9308 (38.2%fib ), any close above will push the pair towards 1.9356 (50DMA).
• Strong support is seen at 1.9199(38.2% fib) and break below could take the pair towards 1.9151 (100DMA).
Recommendation: Good to sell around 1.9230, with stop loss of 1.9320 and target price of 1.9170
