FxWirePro: GBP/NZD downtrend loses steam but outlook still bearish

• GBP/NZD initially dipped  on Monday   but recovered most of the ground as markets   focus turned  on the UK jobs report on Tuesday and CPI data on Wednesday.

• GBP/NZD failed to break support at 1.8984  and rebound back towards 1.9040.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 41.

• Immediate resistance is located at 1.9060 ( 50%fib), any close above will push the pair towards 1.9102 (61.8%fib).

• Strong support is seen at 1.8984 (38.2%fib) and break below could take the pair towards 1.8891(23.6%fib).

 Recommendation: Good to sell below 1.9050, with stop loss of 1.9120 and target price of 1.9000