• GBP/NZD declined on Wednesday after data showed consumer prices returned to a 40-year high in September.
• British inflation went back into double digits in September, matching a 40-year high hit in July, dealing a fresh blow to households grappling with the cost-of-living crisis.
•The pair is approaching 1.9756 (38.2%fib),a daily close below which will accelerate towards 1.9550 level.
• Immediate resistance is located at 1.9887 ( 5DMA), any close above will push the pair towards 2.0000 ( Psychological level).
• Strong support is seen at 1.9756 (38.2%fib) and break below could take the pair towards 1.9585 ( Oct 12th low).
Recommendation: Good to sell around 1.9800, with stop loss of 1.9900 and target price of 1.9700.
