FxWirePro: GBP/NZD claws back some ground but trend is still bearish

• GBP/NZD declined on Friday  as  buyers emerged whippy price action took hold as year-end approached.

• The pair  recovered  up to   1.9071, it was last up 0.22% at 1.9017.

•The pair  remains weak and might fall futher due to recession fears in the UK and   more hawkish Fed will keep pressure on GBP.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 43.

• Immediate resistance is located at 1.9068 (5 DMA), any close above will push the pair towards 1.9182 (38.2 % fib).

• Immediate support is seen at 1.8953(23.6% fib ) and break below could take the pair towards 1.8891 (Lower BB).

Recommendation: Good to sell around 1.9000, with stop loss of 1.9090 and target price of 1.8930.