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FxWirePro: GBP/NZD downside pressure builds, key support level in focus

• GBP/NZD   declined after initially gaining on Thursday as  Russia's invasion of Ukraine triggered sell off in the pair.

• The pair is currently approaching support at 1.9948 (23.6%fib). A break and daily close below will accelerate trend further lower towards 1.9850 level.

• Technical signals are bearish  as RSI is  lower at 36, moving averages are heading south.

• Immediate resistance is located at 2.0000 ( 9DMA), any close above will push the pair towards 2.0101 ( 38.2% fib).

• Immediate support is seen at 1.9948 (23.6%fib) and break below could take the pair towards 1.9824(Jan 5th low).

 Recommendation: Good to sell around 2.0000, with stop loss of 2.0100 and target price of 1.9900.

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