• GBP/NZD dipped on Friday as weaker sterling and higher commodity prices boosted commodity-linked New Zealand dollar.
• GBP/NZD stood at 1.9649, having recovered from 1.9601 (Daily low).GBP/NZD has managed to stay clear of major support 1.9599 ( 23.6%fib).
• A daily close below 23.6%fib will accelerate downtrend towards 1.9525 (55DMA).).
• Technical signals favours bearish sentiment, RSI is has turned sharply lower and pair trades below 5,9 & 11-DMAs.
• Resistance is located at 1.9688( 38.2%fib) and at 1.9723 (Daily high).
• Support is found at 1.9599 ( 23.6%fib) and at 1.9525 (55DMA).
Recommendation: Good to sell around 1.9650, with stop loss of 1.9760 and target price of 1.9580
